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02/04/2014

Changes to National Insurance Contributions to benefit many wholesalers

As many as 63,000 businesses in the wholesale sector could benefit from sweeping changes to National Insurance Contributions, with as many as 13,000 seeing their employer NICs bill completely wiped out.

national insuranceOn April 6, 2014 the Government will introduce the new Employment Allowance, which it says will benefit up to 1.25 million employees across the UK and give businesses, including wholesalers, up to £2,000 off their employer National Insurance Contributions (NICs) bill – the tax businesses pay on their employees.

“Around 450,000 businesses – that’s a third of all employers – will no longer pay any National Insurance Contributions at all as a result of the Employment Allowance. This will free up money which you might choose to use to purchase new equipment or technology or, if you’re aspiring to grow, take on your first employee or take on an additional member of staff. The Employment Allowance could provide you with the extra boost needed to achieve this,” Gauke told Wholesale News.

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