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Tax break benefit for small business
9:00am Wednesday 26th March 2014 in News
Business owners in Otley are being encouraged to take advantage of a new tax break.
From April, many small businesses will be in line to save £2,000 through the new Employment Allowance - so long as they register for it.
Andrew Thornton, who runs TaxAssist Accountants in Otley, said: “From next month small businesses could benefit from the new Employment Allowance which could cut £2,000 from their employer Class 1 National Insurance contributions.
“However, while most small businesses should qualify to receive the benefit, they must indicate their eligibility within the Employer Payment Summary submitted to HMRC.
“This is normally done online via payroll software.
“National Insurance is a major, hidden cost for employers and this new relief is designed to encourage small businesses to take on new staff and boost job creation.”
TaxAssist Accountants specialises in providing tax and accountancy advice and services to small businesses.