As an employer, you might be eligible for relief on some of your National Insurance Contributions (NIC). This can significantly lower your tax burden and might be crucial given that every firm is currently experiencing escalating prices. How much do businesses contribute to national insurance? Employers contribute to national insurance on the salary and benefits...
The Coronavirus Job Retention Scheme (CJRS) has played an immense role in protecting jobs since the start of the pandemic. Therefore, MPs have pushed Chancellor Rishi Sunak to extend the Coronavirus Job Retention Scheme (CJRS) to help avoid mass redundancies. The CJRS is set to be wound down in October and changes were implemented to...
UK chancellor Rishi Sunak has announced new measures “plan for jobs” including bonuses for employers, VAT and stamp duty cuts, home improvement vouchers and eating-out discounts. The finance minister made his summer statement or ‘mini-budget’ in parliament on Wednesday. Today the Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment...
The government has announced temporary changes to its Tax-Free Childcare (TFC) scheme as a result of the coronavirus (COVID-19) pandemic. The changes to the rules affect parents applying for, or already getting, tax-free childcare or 30 hours free childcare. Individuals whose earnings are now below the normal minimum income requirement but would normally expect...
The government has made some changes to the support available through working tax credits and universal credit which will provide some help to the self-employed. Increases in the standard rates The standard rate for universal credit and tax credits will both increase by £20 a week for one year from 6 April 2020. This increase...
You can claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme. Use this scheme if you’re self-employed or a member of a partnership and have lost income due to coronavirus. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per...
Employment Allowance was introduced in 2014 in order to reduce the NIC’s liability for small to medium businesses by £3,000. The eligibility rules for an employer claiming the EA will change from April 2020. This measure increases the maximum EA by £1,000 to £4,000 from April 2020. This means eligible businesses and charities will...
Do you know how to cash your £2000 Employment Allowance? Date: 19/04/2014 Have you recently received a letter from Prime Minister, David Cameron, giving you a good news about Employment Allowance of £2000. Prime Minister wrote that from 6 April 2014, almost all UK employers can reduce the amount of National Insurance contributions (NICs) they...
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