It’s not often you get offered free money. It’s even less often that you get offered free money from the Revenue.
And it’s no piddly little amount either. £2000. 100 £20 notes. A family holiday. A new guitar. Whatever takes your fancy.
Some of you may have received through the mail a letter from 10 Downing Street. After the initial excitement wears off, you’ll notice that it’s just a general letter about tax, and not the knighthood you may have been expecting. Start taking notice, though – this is a tax letter worth reading.
Money is money, and this is a good offer. With a few exceptions (check the link at the bottom of this article) small businesses can get a £2000 deduction from employer National Insurance contributions over the next year.
I have to stress – this is real money that ends up back in your pocket.
If you process your own payroll, check that your software is taking this into account when you roll things forward into the new tax year.
If you’re not sure how to take advantage of this, or you maybe need to restructure your payroll to take advantage of it, get in touch and we’ll try to help. As always, the number is 01634 540040, or you can email me directly at firstname.lastname@example.org.
(Oh, the link for finding out more about the tax break is: https://www.gov.uk/employment-allowance)