Mark Wrigley talks about your £2000 employment allowance
From 6 April 2014 employers will benefit from the new Employment Allowance announced in the March 2013 budget. Businesses will be able to reduce their employer’s Class 1 National Insurance Contributions (NICs) by up to a maximum of £2000. This new measure is also intended for future years with £2000 per year.
Almost every employer who is either a business or charity that pays employer Class 1 NICs on their employees’ or directors’ earnings will be eligible.
Any business that is eligible should claim it using their 2014-15 payroll software. If your national insurance liability for month 1 of 2014-15 is £2000 or more, your business will be able to claim the full £2000 allowance in month 1. If month 1 national allowance is less than £2000 any excess allowance can be claimed in following months.
For more information contact Mark Wrigley, FCCA on 01733 372683 or email mark@greenstones.co.uk