Preparing for Big Shifts in 2025: How Futrli Can Help You Handle Rising Wages, National Insurance & Tax Costs

The Autumn Budget has announced several changes set to impact small and medium-sized enterprises (SMEs) across the UK, including a 6.7% increase in the National Minimum Wage and a 1.2% rise in employer National Insurance Contributions (NIC) slated for April 2025. These adjustments, intended to address cost-of-living concerns and wage stability, may lead to increased payroll and tax costs for small businesses navigating an already challenging economic environment.

To help SMEs respond to these budget shifts, financial software provider Futrli offers a suite of tools designed to support effective tax planning and financial forecasting. Key features include:

- Three-Way Financial Forecasting: With upcoming increases in wages and NIC costs, Futrli’s three-way forecasting tool allows businesses to evaluate impacts on profit, cash flow, and overall expenses. This forecasting provides a comprehensive view across Profit & Loss, Cash Flow, and Balance Sheets, enabling SMEs to model potential cash flow effects in real time.

- Scenario Planning: Futrli’s “What-If” scenarios allow SMEs to test different financial strategies under new wage and tax obligations. Users can analyze approaches like adjusting pricing, reducing expenses, or postponing investments to identify optimal paths for balancing profitability with cost efficiency.

- Visual Dashboards for Real-Time Monitoring: Futrli’s dashboards track key metrics in real time, allowing businesses to stay aware of payroll and tax expense trends. This feature helps SMEs to adjust financial strategies promptly, giving business owners a clear and accessible view of essential data.

- Multi-Business Consolidation: For SMEs managing multiple entities, Futrli’s consolidation feature aggregates data across locations, currencies, and divisions, simplifying the management of complex business structures. This provides business owners with a unified view, aiding in decision-making across diverse units affected by the new budget.

- Tax Reporting and Compliance: As payroll and NIC costs increase, Futrli’s tax forecasting functions track tax obligations, upcoming payments, and overall tax costs. By simplifying reporting and helping to ensure compliance with HMRC guidelines, this feature supports businesses in managing tax responsibilities with precision and efficiency.

The budget’s upcoming changes emphasize the importance of proactive planning for UK SMEs. With Futrli’s tools, businesses have the ability to plan confidently, using insights that help them stay resilient and adaptable as they navigate the financial implications of the 2025 adjustments.

Find out more: https://www.futrli.com/post/preparing-for-big-shifts-in-2025-how-futrli-can-help-you-handle-rising-wages-national-insurance-tax-costs