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 set to benefit from the Employment Allowance will be smaller businesses, taking around 450,000 employers out of paying class 1 secondary NICs altogether.
As small businesses grow, they need professional advisers with the expertise and experience to keep pace with changing needs and new challenges.
At Milsted Langdon, we provide integrated accountancy, business advisory, tax and financial advisory services that look at the bigger corporate picture. When you work with us, you’ll benefit from the way we take a holistic view of the impact that different factors can have on each other and deliver advice that takes into account all the issues involved.
Our commercially-minded team will deliver added value accountancy, audit and tax services that will provide key data for problem-solving and decision-making – as well as keeping you compliant – to sharpen your competitive edge and drive growth. Our business strategy expertise means we are also ideally placed to advise on strengthening your business to move forward and make the most of opportunities, from mergers and acquisitions to management buyouts.
To find out how we can help you, please contact us.