These days, most of us are comfortable with shopping around to get the best deal, but there are many other ways that profits could be draining out of your business without you necessarily noticing. Here are six areas where making small changes to the way you do things could result in significant cost savings.
The new compulsory NLW was announced in the 2015 Summer Budget by Chancellor George Osborne. Starting from 1 April 2016, the rate will be set at £7.20 an hour for those employees aged 25 and over. The NLW will give eligible employees a premium of 50 pence an hour on top of the National Minimum Wage (NMW). The new wage is expected to rise to £9 an hour by 2020. This is significantly higher than the NMW rate of £6.70 an hour, which currently applies to employees aged 21 and over.