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2014/15 introduced the Employer Allowance, an up to £2,000 saving on Employer Class 1 National Insurance contributions (ERNIC) for many businesses and for charities. As the tax year draws to a close it is worth checking whether your business was entitled to claim and ensuring the claim has been made.
This allowance continues into 2015/16 with an extension of the relief from 6 April 2015 to individuals who employ care and support workers. This amendment has been made because the allowance was not available in 2014/15 for those individuals employing staff for purposes connected to their personal, family or household affairs. It still remains the position that the relief is not available for staff employed in other domestic capacities such as 'nannies'.
The ERNIC liability for employees aged between 16 and 20 will be eliminated from 6 April 2015 on earnings up to the Upper Earnings Limit (UEL) which is for 2015/16 expected to be £42,385 a year. The Government also plans to abolish ERNIC up to the UEL for apprentices aged under 25. This will come into effect from 6 April 2016.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.