By Lyndsey Hall
On April 6th 2014, every business in the UK will be able to claim a refund of £2000 per year for their employer National Insurance contributions (NICs). From next year, around 450,000 small businesses which employ up to four adults or ten 18-20 year olds full time on the National Minimum Wage, or one person on up to £22k a year, will no longer be required to pay a penny in NICs. In total, the Employment Allowance will benefit approximately 1.25m employers, including businesses, charities and community amateur sports clubs. A list of the excluded employers can be seen here.
Employers can claim the cashback using their normal payroll software, and depending on the specific software package, it could be as simple as ticking a box.
To find out how much your business could claim, check out the Employment Allowance Calculator.
For more information on what the Government is doing to support UK businesses, visit the website.
What are your thoughts on the Governments new initiatives to help small businesses? If you could make one prediction for the Budget 2014 with regard to small business, what would it be? Let us know in the Comments, or on Facebook or Twitter.
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