Employers to benefit from NIC Savings

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Employers to benefit from NIC Savings

Employers should ensure they do not miss out on a £2,000 cut in their employment costs from 6 April 2014.

The new Employment Allowance will see businesses, charities and community amateur sports clubs benefit from the annual reduction in their Class 1 secondary national insurance contributions (NICs).

More than 90% of those benefiting will be smaller businesses and approximately 450,000 companies will be taken out of paying Class 1 secondary NICs altogether.

Employers will be able to indicate that they wish to claim the allowance through standard payroll software or HM Revenue & Customs basic PAYE tools. They are some exemptions from the scheme so to find out more information click here.