Small firms across Kirklees are being urged to “spring clean” their finances after a raft of changes introduced this month.
Nick Brook, of TaxAssist Accountants in Huddersfield, said: “Small businesses should ensure they make the most of the new benefits and don’t get caught out by the changes.
“The cost of employing people came out as the top issue facing small businesses in a recent survey we conducted. While the latest budget didn’t provide a silver bullet for this issue, there are new tax breaks and changes from April which small business owners need to be aware of and in some cases could help them to make those vital recruitment decisions.”
Among the changes, from April, most businesses will be entitled to a £2,000 Employment Allowance per year towards their employer National Insurance contributions bill; the point at which employees and employers start paying NI will be aligned from 2014/15 at £153 per week; and the recovery of statutory sick pay has been abolished.
The personal allowance for 2014/15 rises to £10,000 from £9,440 in 2013/14; and from this month it is the turn of employers with fewer than 250 employees to comply with the new rules on Workplace Pensions. From April, 2015, employers with fewer than 50 employees will start their responsibilities.
This month also saw employers with fewer than 50 employees having to start reporting PAYE in real time. Employers with nine or fewer employees can continue to report PAYE information on or before the last payday in the month until April, 2016.
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