Attention SME’s – have you had your letter from David Cameron on saving £2,000 of employers NI for 2014/15?
Last week I was formally notified of a change from April 2014 in the employer’s national insurance for the first £2,000 of liability in the fiscal year commencing 6th April 2014. Is it too good to be true and does it take a large number of small companies out of the NI liability threshold?
It is wise to check the eligibility of your business but the link below provides more insight and an “employment allowance calculator” to check how this could positively impact your monthly employers NI. In summary the first £22,400 of pay to an employee will not attract any employers NI.
Depending on your payroll software there will need to be an update applied to take advantage of the windfall, but if you are using HMRC’s RTI PAYE Tools software the update will be automatically applied, subject to eligibility.
If you wish for further information on the above or a confidential discussion about your specific strategic or operational business requirements, please contact Martin Walby FCMA CGMA on + 44 (0) 7876 566875 or email martin.walby@mwinterimfinance.co.uk