The Budget changes to employer National Insurance Contributions (NIC) and National Living Wage (NLW) delivered a triple whammy of pain to all companies with UK employees from April 2025. The NLW wage increase was largely expected, but the changes to the NIC rate and threshold pushes a higher tax burden onto employers. The NIC changes are designed to raise c.£25bn, with most of the extra income driven by the lowering of the threshold. This note focuses on understanding the combined impact of the ....
