£2,000 cash back from HMRC?
March 17, 2014 | By Nimbus |
We usually hear the term cash back from mortgage companies or in the supermarket, however, for 2014/15 HMRC are giving £2,000 back to employers. This is great news for employers and will really benefit their small businesses – a real reward for creating more jobs in the economy.
“How does this work” we hear you say and “what’s the catch”? Amazingly there a no catches. You save the first the £2,000 of your Employers National Insurance due after 6 April 2014. This will be deducted from the Employer National Insurance payable when you or your accountant runs your monthly RTI return in the payroll software. The amount is not spread throughout the year, it is available from April onwards and any unused balance in the first month will be rolled forward until it is all used or 5 April 2015, whichever is sooner.
As with all offers there are terms and conditions to stop abuse, but they are limited. If you are caught by IR35 you won’t be eligible and if you have more than one company in your business structure you cannot claim more than once.
If you want to know more about this great offer, contact your accountant. If they have not mentioned this to you then it is probably time to find another accountant. We can make a good suggestion in the Brighton & Hove area….