124 National Insurance and Minimum Wage Updates - What You Need to Know

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If you employ a team in your clinic or are considering moving to an employed model, this episode is packed with valuable insights. Grab your calculator and a cup of tea, and let’s break down the latest changes impacting clinic owners like you.

📋 Episode Summary
In this episode, we explore the recent changes to the national minimum wage increase and employer National Insurance contributions. These updates might feel overwhelming, but we’ll simplify what they mean for your clinic. From understanding the true costs of employing staff to calculating their return on investment, this episode equips you with the tools and strategies to maintain profitability. We also discuss the pros and cons of employing staff versus working with freelancers and how to navigate employment law changes to protect your business. Whether you’re just starting to build your team or managing an established clinic, this episode is full of actionable advice to help you make confident decisions.

✨ Key Takeaways

• National Insurance Contributions: Employer contributions have increased to 15%, with a reduced threshold of £5,000 per employee, but an increased employer’s allowance of £10,500.
• Minimum Wage Increase: A 6.7% rise for over-21s means higher wage bills. Learn how to budget for this and review your pay structures effectively.
• Employment vs Freelance: Weighing the benefits of employing staff versus hiring freelancers, especially in light of upcoming changes to employment laws.
• Performance Metrics: Why it’s crucial to measure staff performance from day one and set clear goals for a profitable clinic.
• Non-Monetary Benefits: Consider flexible working, CPD allowances, and bonus schemes to attract and retain top talent.

🔗 Resources & Links

• Employer National Insurance Calculator: Thrive members can access this tool in the member area to calculate employee costs.
• Upcoming HR Webinar: Stay tuned for details on our webinar covering employment law changes and recruitment tips.

Sponsored by Nookal
This episode is proudly sponsored by Nookal, the leading practice management software designed to streamline operations and empower Allied Health clinics. Visit Nookal.com to discover how their innovative features can revolutionise your clinic’s efficiency and profitability.

Treat Your Business podcast is proudly sponsored by MBST, the groundbreaking technology revolutionising recovery and rehabilitation. Offering a non-invasive, drug-free solution for musculoskeletal conditions and nerve injuries, MBST works at a cellular level to stimulate regeneration. Expand your services and deliver long-term patient improvements without increasing your workload.

Learn more at mbstmedical.co.uk. 

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