From Sunday, employers may be eligible for a £2,000 tax cut off their National Insurance Contributions bill. Known as “Employment Allowance”, this tax cut has been introduced to help free up money for small businesses aspiring to grow.
Most businesses and charities that pay Employer NICs on their employees’ or directors’ earnings will be able to claim. In fact, this move by the Government will result in around one third of employers being taken out of paying National Insurance Contributions altogether.
If you are eligible, the Employment Allowance can be deducted from your earliest NIC bill, meaning you will benefit immediately. Then once you have made a claim, no further action is necessary as HMRC will automatically carry it forward each tax year.
If you currently process your own payroll in-house, we can help determine if you qualify for the Employment Allowance and process your claim on your behalf. It is important to make any claims as soon possible.
For more information please contact our Payroll Manager Diane Nixon on 0161 703 2500 or e-mail diane.nixon@championgroup.co.uk
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