Don’t miss out on £2K tax break, Otley specialist urges local businesses

Business owners across Otley are being urged not to miss out on a new tax break from next month, which could save them up to £2,000.

Andrew Thornton who runs TaxAssist Accountants in Otley said:

“Whilst local business owners will be hoping for more good news from the Chancellor’s Budget Briefcase on 19th March, they must not miss out on the tax break which is already in the bag.

“From next month, small businesses could benefit from the new Employment Allowance, which could cut £2,000 from their employer Class 1 National Insurance Contributions.

“However, while most small businesses should qualify to receive the benefit, they must indicate their eligibility within the Employer Payment Summary submitted to HMRC. This is normally done online via payroll software.”

“National Insurance is a major, hidden cost for employers and this new relief is designed to encourage small businesses to take on new staff and boost job creation.”

TaxAssist Accountants Otley is a local business, operating across Otley, Guiseley and North Leeds, providing tax and accountancy advice and services purely to small businesses.

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