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National Insurance cash back scheme – a boost for employers

National Insurance

Employers have received a beautifully wrapped pre-Easter boost.

They can now claim back up to £2,000 per tax year from their employers’ Class I National Insurance.

This Employment Allowance is intended to offer a ‘no strings attached’ benefit encouraging companies to increase their staff numbers.

Client Payroll Manager Sue Howie said – “The change came into force on April 6 and triggered many enquiries to our Payroll department.

In simple terms it offers a small reduction in Class 1 NICs if you are a business or charity.

There are some exclusions but most companies will benefit.

Companies not employing a Payroll service such as Barringtons will need to claim using their own software.

They will need to reduce their employer Class 1 NICs payment by an amount of Employment Allowance equal to their Class 1 NICs due, but not more than £2,000 a year.”

Barringtons has an expert Payroll team on hand to help employers with this and all manner of payroll functions.

Call Sue Howie on 01782 713700.