From suspending business rates, cutting the Jobs Tax, reforming Entrepreneurs' Relief, freezing fuel duty and supporting employers through coronavirus – today’s Budget was angled towards small businesses and the self-employed.
The budget will provide small businesses with vital support in dealing with the impact of COVID-19, how employees can gain further support from NHS 111 and how statutory sick pay will be refunded up to 14 days for employees of firms with fewer than 250 staff.
UK employees have already started to get statutory sick pay from the first day off work, to help contain coronavirus. This is paid by the employer, but smaller businesses with fewer than 250 employees can reclaim the cost of paying sick pay for the 14 days of isolation.
This is all in addition to the over 25’s who will get the National Living Wage of £8.72 an hour, a rise of 6.2%, with younger workers also getting more. This is paid by employers.
Maybe now is the right time to be considering streamlining your pay roll processes, so changes like these can be automated.