Hot off the press! George Osborne has just announced the Employment Allowance – meaning savings of up to £2k per year for charities and SMEs that have employees on their payroll.
So what’s the deal, exactly? The UK Chancellor broadcast over Twitter today that from 6 April 2014, employers will be able to claim the Employment Allowance and reduce their employer Class 1 National Insurance contributions (NICs) by up to £2,000 each tax year for any one PAYE scheme.
Basically, if you have any employees on your books and the sight of these acronyms doesn’t send you running for the hills, you could be a few quid better off in the near future – which might make that leap of faith in taking on an intern, or a full-time member of staff, just a little bit less terrifying. Do trot over yonder way for the nitty gritty ins-and-outs.
Here’s the buzz from the Keeper Of The Keys, the man himself:
“From April 1.25m businesses & charities will be entitled to a #2kcashback on jobs. Here’s everything you need to know.”
— George Osborne (@George_Osborne) February 6, 2014
Splendid eh! Fingers crossed that it’s not simply another dismal case of giving with one hand and taking with another. And as far as the question of how we’d like to spend our #2kcashback is concerned – that’ll be eight tonnes of Milk Choc Digestives for us then, please boss.