Could your firm benefit from £2,000 tax break?

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

Andrew Logan, who runs TaxAssist Accountants in Bedford, said: “Whilst local business owners will be hoping for more good news from the Chancellor’s Budget Briefcase on March 19, 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 in Bedford is a local business operating across the region, providing tax and accountancy advice and services purely to small businesses.