Business owners across Yorkshire are being urged not to miss out on a new tax break from next month, designed to tackle youth unemployment.
Will Swift who runs TaxAssist Accountants in Horsforth said: “Any local business owners employing people aged 16 to 21, will not have to pay secondary National Insurance contributions for them after 6 April provided their each earning under £815 per week.
“For young employees earning £12,000 a year this would mean a £500 saving for the employer and for those earning £16,000 a year, more than £1,000. That is a major incentive for many small businesses who are considering taking on more staff as the economic outlook improves.”
The tax break was announced in the Chancellor’s Autumn Statement and follows the introduction of the Employment Allowance in April last year, which cut up to £2,000 from NI contributions for qualifying employers.
“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,” said Will Swift.
“Local retailers and hospitality businesses, which traditionally employ young people, will particularly benefit and for school leavers, it should open up more opportunities across all sectors.”
TaxAssist Accountants Horsforth is a local business itself, operating across Leeds and Bradford providing tax and accountancy advice and services to businesses and taxpayers alike.