Happy New Tax Year – Celebrate with a gift from the Government
The new tax year should be celebrated and out of all the recent announcements made, when it comes to tax and small businesses, this is the gift the Government are shouting about the most – The Employers National Insurance Allowance.
This allows businesses with employees to be able to receive an allowance of £2,000 from their normal Employer National Insurance contributions for the 2014/15 tax year. This is a straight deduction from the normal liabilities for the payroll period.
Although one director companies will not benefit as much due to their remuneration structure, this can still be used as a tax planning tool.
The allowance is claimed via your payroll software so make sure you check you are receiving your gift.
There are of course many other changes that the new tax year brings but at MATCH Accounting, we believe this to be one of the most significant to our clients and the one from which most of them will benefit from.