Small and Start-Up Businesses are Missing out on Jobs Tax
Just this month, it has been discovered that start-up companies are missing the chance to claim back thousands of pounds of tax that were paid unnecessarily.
Accountant David Bennett, who is at tax partner at the Moore and Smalley Charted Accountants, has recently said that many businesses that started between June 2010 and up to September of this year, could actually be recouping employer National Insurance payments that were paid on the employees that they have recruited.
The new NIC holiday scheme says that businesses (particularly new businesses) can qualify for a deduction of anything up to £5,000 on back-paid tax.
The new scheme can cover all employees that were recruited into the business anywhere up to 12 months after the business has been started.
The HMRC is now reminding businesses to take advantage of this scheme, as the government prepares for the outflow of cash. To make use of the scheme, be sure to contact them before April 2014 to make the process as simple as possible.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.