Episode Summary: In this episode of The Cashflow Show, host Clayton M. Coke is joined by Amy Hancock, accountant, small business owner, and host of Bean Counter to Boss, to discuss how small businesses can navigate the recent National Insurance (NI) hike announced in the UK Autumn Budget. Amy shares insights from a QuickBooks poll showing SMEs are still hiring despite rising costs, explains the benefits of the Employment Allowance, and offers practical tips for managing tax responsibilities and boosting efficiency. She also highlights her podcast work, empowering small business owners with transparent advice.Key Discussion Points: <ul><li>NI Hike Impact: The Autumn Budget raised employers’ NI to 15% and lowered the threshold to £5,000, raising fears of reduced hiring, but SMEs are still recruiting. </li><li>Employment Allowance: Micro-businesses with up to nine employees can offset NI costs with a £10,500 allowance, potentially eliminating their NI bill. </li><li>SME Resilience: Despite media focus on big businesses, 99% of UK firms are SMEs, with micro-businesses driving employment growth. </li><li>Tax Responsibilities: Small business owners need clear guidance from accountants and software like QuickBooks to manage payroll and VAT obligations. </li><li>Cost-Saving Strategies: Reclaim past Employment Allowance (up to four years), optimize workforce roles, leverage technology, and offer non-salary benefits like extra holidays. </li><li>Freelance Caution: Shifting staff to freelance roles requires care to avoid HMRC scrutiny, with open communication key to fair transitions. </li><li>Surprising Trends: The QuickBooks report revealed unexpected growth in HR outsourcing, reflecting SMEs’ need for compliance support. </li><li>Bean Counter to Boss: Amy’s podcast shares candid advice on starting and growing a small business, covering hiring, marketing, and more.</li></ul> Key Takeaways: <ul><li>Micro-businesses benefit significantly from the Employment Allowance, enabling growth despite NI hikes. </li><li>Technology and advisory support are critical for small businesses to manage tax compliance and improve efficiency. </li><li>Open communication with employees and creative benefits can mitigate rising wage costs without compromising morale. </li><li>SMEs’ resilience and adaptability are driving employment, with HR outsourcing emerging as a key growth sector.</li></ul> Notable Quotes: <ul><li>“Micro-businesses that have up to nine employees can see a reduction in their national insurance… we are the ones benefiting.” — Amy Hancock </li><li>“You need a good accountant that’s going to explain things to you… be open to understanding what your responsibilities are.” — Amy Hancock </li><li>“We’re all in this together… business owners in varying industries are willing to share and help.” — Amy Hancock</li></ul>Actionable Insights for Businesses: <ul><li>Maximize Employment Allowance: Review payroll settings to claim the £10,500 allowance and explore four-year reclamations to reduce NI costs. </li><li>Leverage Technology: Use software like QuickBooks for payroll and VAT calculations to streamline compliance and save time. </li><li>Optimize Workforce: Assess staffing efficiency, consider technology for repetitive tasks, and offer flexible benefits like extra holidays to retain talent. </li><li>Outsource HR: Invest in HR support to ensure compliance with employment regulations, especially as hiring grows.</li></ul>Resources: <ul><li>Visit the QuickBooks Small Business Index at <a href="https://quickbooks.intuit.com/">quickbooks.intuit.com</a> for the report and small business resources. </li><li>Listen to<a href="https://www.accaglobal.com/uk/en/member/sectors/smp/creating-tomorrows-practice-today/bean-counter-to-boss-podcasts.html"> Bean Counter to Boss</a> on major podcast platforms</li><li>Learn more about Amy Hancock’s services at <a href="https://hancockandhastings.co.uk/">hancockandhastings.co.uk</a> </li></ul> The Cashflow Show can be reached here: Website: <a href="http://www.thecashflowshowpodcast.com">www.thecashflowshowpodcast.com</a> <a href="https://mail.google.com/mail/u/0/#inbox/WhctKKZGTxBSHmxFBFZTZplRtGfhwDzlrpHtwxzKbdKqqnKTbWRxRrFGSpJThZKHDpCQhFQ?compose=fwmvGMBmCbZDMngDDpPjGDzpkZlZjphFLWBPkspbnNdlnfFJnLrXhCGDSnFXGmXKfjRjGRwSVSbsxrbBLrtppXDBCTShmGpzWcxCttjDdWGGvxtdNMFVmailto:thecashflow">Email: thecashflowshowpodcast@gmail.com</a>Twitter: <a href="https://twitter.com/thecashflowshow">https://twitter.com/thecashflowshow</a> Instagram: <a href="https://instagram.com/thecashflowshowpodcast">https://instagram.com/thecashflowshowpodcast</a> To sponsor or advertise on The Cashflow Show Podcast, contact us at <a href="https://dashboard.transistor.fm/shows/the-cashflow-show/episodes/newmailto:thecashflowshowpodcast@gmail.com">thecashflowshowpodcast@gmail.com</a>Clayton M Coke can be found here: LinkedIn: <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiNlc7Y0v3jAhVTT8AKHfLpBtAQFjAAegQIBhAB&amp;url=https://uk.linkedin.com/in/claytoncoke&amp;usg=AOvVaw2SpfsRoINDPTGYq3qjGngQ">https://uk.linkedin.com/in/claytoncoke</a>Website: <a href="https://www.prmsltd.co.uk">https://www.prmsltd.co.uk</a>Email: <a href="https://mail.google.com/mail/u/0/#inbox/WhctKKZGTxBSHmxFBFZTZplRtGfhwDzlrpHtwxzKbdKqqnKTbWRxRrFGSpJThZKHDpCQhFQ?compose=fwmvGMBmCbZDMngDDpPjGDzpkZlZjphFLWBPkspbnNdlnfFJnLrXhCGDSnFXGmXKfjRjGRwSVSbsxrbBLrtppXDBCTShmGpzWcxCttjDdWGGvxtdNMFVmailto:info@prmslt">info@prmsltd.co.uk</a> Twitter: <a href="https://twitter.com/prmsltd">https://twitter.com/prmsltd</a> Instagram: <a href="https://www.instagram.com/prmsltd/">https://www.instagram.com/prmsltd/</a> Our theme music is called "The Mediator - aka Theme from The Cashflow Show" [PRS] and "Better Call Clayton" [PRS]  As an Amazon Associate I earn from qualifying purchases. “What are YOU like?” &amp; “60 Second Shoot-out” are both intellectual properties of Dialogue [London] Ltd(c) Clayton M Coke/PRMS Ltd/Dialogue [London] Ltd | All Rights Reserved 

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Outsmarting the National Insurance Hike: Strategies for Small Businesses - Amy Hancock