- There are changes to the Government’s National Living/Minimum Wage, and you can find the full list of rates HERE
- Those who are interested may also want to look at the website for the Real Living Wage Foundation, that encourages employers to pay wages in line with the cost of living.
- There will be notable changes to employers National Insurance Contributions (NICs) starting in April 2025, along with a significant increase in Employment Allowance.
These changes will undoubtedly effect budgets for next year, in some cases severely. To help you quickly assess the impact of these changes WYCAS has developed a simple WAGES COSTS spreadsheet tool, downloadable from our website, that allows you to calculate the increase in costs.
Given these additional pressures plus the generally difficult funding climate, it will be more important than ever to get you 25/26 budget agreed in good time. If you don’t already have one, WYCAS have a BUDGET TOOL that you can download from the website. Although it doesn’t cover everything, but it is a simple way of figuring out if you organisation has enough income to cover planned expenditure.
For any help with this contact WYCAS with your detailed questions and one of their team will get back to you.
PLUS, every Monday afternoon, from November 11th to December 16th, you can book a free 30 minute advice session, where one of their Community Accountants will take you through the tools and/or answer any budgeting questions you may have.
Contact them at info@wycas.org.uk to book your place (please put ‘Free Budgeting Support’ as your e-mail subject)
Their Finance Forum on Thursday December 12th (via zoom, from 10am – 12pm) will also have Budgeting including the NI changes, as the main topic. Anyone with an interest in finance (paid staff or trustees, volunteers etc.) is welcome to join them.