This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

Employers cash in with £2,000 NICs saving
04 September 2014

New government data has shown that almost a million employers are benefiting from a £2,000 cut in their annual national insurance contributions (NICs) bill.

Figures released on 31 July revealed that 725,000 UK business and charity employers have claimed the Employment Allowance.

HM Revenue & Customs says that more than half of all eligible businesses have claimed the allowance since it was introduced in April this year, resulting in them receiving around £500 million of employer NICs relief.

The Employment Allowance is a reduction in class 1 NICs that an employer pays for their employees, and is worth up to £2,000 a year for eligible businesses and charities.

When the initiative was announced, the government said around 1.2 million organisations could benefit.

More than 90 per cent of those to benefit from the Employment Allowance will be smaller businesses, taking around 450,000 employers out of paying class 1 secondary NICs altogether.

Link: Information on the Employment Allowance

Other recent news

Employee Ownership Trusts – Your key to a tax-efficient exit?
11 December 2024

If you are looking to plan your exit from your…
Read more

Are you claiming the right office-based expenses?
11 December 2024

Claiming allowable expenses when calculating taxable profit as a self-employed…
Read more

I am unable to pay my Income Tax bill – What can I do?
11 December 2024

Sometimes, paying your tax bill on time can be difficult…
Read more

What is the most tax-efficient salary choice for you after the Budget?
11 December 2024

Directors have the ability to draw income from a business…
Read more

Should you buy a double cab pickup before April?
11 December 2024

If you are a sole trader or small business owner…
Read more

»

Case Studies