We know the 2024 Autumn Budget changes may seem overwhelming, so we’ve crafted a toolkit with practical, tailored advice to help you prepare and adapt seamlessly. Let’s dive into some key areas that are likely to impact your business and offer small tweaks to get you through with minimal disruption.
📈 Minimum Wage Increase: What to Know & How to Prepare
From April 2025, the minimum wage rises to £12.21 for over 21s and £10.00 for 18-20-year-olds. This adjustment supports fair pay but will raise your payroll costs significantly.
What This Means for You:
Budget adjustments are essential here – reviewing staffing levels, hours, and potentially even opening times might be on the table. It may also mean passing on some of the costs to customers, but with dining out already at a premium, any price increase needs to be handled delicately. Let us help you explore ways to absorb these changes and keep prices as steady as possible.
Steps You Can Take:
- Maximise the Tronc System: If you’re not already using tronc arrangements, this can be a tax-efficient way to boost team pay, especially for customer-facing staff, while keeping costs manageable.
- Boost Operational Efficiency: Small adjustments in workflows or streamlining menus can ease the pressure without affecting service quality.
- Increase Visibility: Real-time tracking of wage costs helps spot any areas where spending creeps up, allowing you to react sooner.
- Invest in Retention: Losing staff now will be costlier than ever, so lean into retention strategies to keep your team stable and reduce recruitment expenses.
How We Can Support You:
Specialising in hospitality, our team brings tailored insights from similar clients who are already adapting to these changes. We’ll assess payroll impacts, guide your budget planning, and provide real-time financial insights with variance analysis to help you stay agile and manage costs effectively.
💼 National Insurance Increases: Plan Ahead for Cash Flow
Employer’s NI rate will jump to 15% in April 2025, with a lower payment threshold of £5,000. An increased Small Employers Allowance now caps at £10k, which should ease the impact for smaller operators.
What This Means for You:
This change will widen your NI obligations, which can challenge your cash flow and squeeze your margins. Lower-paid and hourly staff will feel this more acutely, so this adjustment may call for a creative approach to managing payroll.
Steps You Can Take:
- Review Payroll Models: Pinpoint where costs will spike and prepare strategies for those areas.
- Automate Where Possible: Automation isn’t just about time savings—by reducing manual processes, you’ll see lower costs and fewer errors.
- Prepare for Cash Flow Impact: Adjust forecasts now with the new NI rate to prevent a cash flow crunch down the line.
How We Can Support You:
Our expertise in forecasting, financial modelling, automation tools, and reporting means we can equip you to stay ahead. With projections based on your current figures, we’ll help you get a clearer picture of the impact and assist in making any necessary adjustments.
💡 Cost Management & Efficiency Optimisation: A Leaner Approach
With wage and NI increases ahead, controlling expenses and operational efficiency will be more important than ever. You need to have real time insights into where your costs are at any point in time to
What This Means for You:
By finding small ways to save across the business, you can offset some of these rising costs. This might mean reassessing suppliers, fine-tuning stock control, or investing in tech that improves everyday efficiencies.
Steps You Can Take:
- Look for Savings Opportunities: Negotiate supplier contracts, optimise inventory, and watch energy consumption.
- Adopt Technology: Digital ordering, stock management systems, and scheduling tools streamline operations and free up valuable time.
- Invest Wisely: Focus on purchases or upgrades that yield long-term returns, keeping your business resilient through future challenges.
How We Can Support You:
Our Financial Planning services highlight savings opportunities and help you develop a reinvestment strategy tailored to your goals. We’ll work with you to optimise your cost structure and ensure resilience against upcoming pressures.
🛡️ Preparing for Compliance and Regulatory Updates
With anticipated changes in employment and safety regulations, staying compliant will be critical.
What This Means for You:
Preparing ahead of time can help avoid penalties. This will involve keeping documentation up to date, training staff on any new requirements, and ensuring policies align with evolving standards.
Steps You Can Take:
- Audit for Compliance Gaps: A proactive review of policies ensures you’re ready when new regulations hit.
- Train Staff Regularly: Keeping everyone informed on health and safety standards is key to staying compliant and prepared.
- Update Employment Contracts: Adjust policies as needed to match regulatory shifts and maintain a transparent work environment.
How We Can Support You:
Our Business Advisory service is here to support you in meeting compliance standards. We offer thorough assessments, provide up-to-date policy advice, and support you with any adjustments to keep you compliant and risk-free.
💰 Business Rates Relief: Savings Opportunity
In 2025, a 40% reduction on business rates (capped at £110,000) is available for hospitality businesses.
What This Means for You:
This relief is an excellent chance to enhance cash flow and fund strategic areas like refurbishments or marketing.
Steps You Can Take:
- Estimate Your Savings: Knowing what you’ll save gives clarity on where to reinvest.
- Apply Early: Ensure your property valuations are current to avoid delays in accessing benefits.
- Integrate Relief into Financial Planning: Use this relief as part of a long-term strategy to build cash reserves and improve resilience.
How We Can Support You:
Our Financial Planning services help you calculate the exact impact of this relief on your budget and advise on reinvestment options. We’ll work with you to maximise your savings and put them to use in ways that support growth and stability.
Why Choose Williams Stanley?
Our commitment to the hospitality industry is unmatched. With our connections and understanding of restaurant operations, we don’t just advise—you’ll have a dedicated partner who knows the challenges and pressures you face. Together, we can ensure your business thrives despite economic shifts, making the most of every opportunity and staying a step ahead.
Our team is here to help you build resilience, keep costs down, and make strategic decisions that matter to your bottom line. Let’s work together to make the most of the opportunities in the Autumn Budget 2024.
Our Services
At Williams Stanley, we offer a range of tailored services to support your business needs, including:
- 💼 Business Advisory: Streamline your operations and ensure compliance with new regulations.
- 📈Data Analysis: Gain clarity on your financials with real-time, actionable insights. We help optimize budgeting and staffing, empowering you to make confident, data-driven decisions.
- 📊 Financial Management: Enhance your financial processes for improved accuracy and efficiency.
- 🏦 Tax Planning: Navigate the complexities of tax regulations and maximise your savings.
- 🧾Payroll Services: Simplify payroll management and ensure compliance with wage changes.
📧 For any support, or to discuss your requirements, contact us at info@williamsstanley.co
