Our tax-saving tip today is all about who you choose to employ in your business. Consider employing young people and you can reduce your Employers NI bill…
Did you know that there is no longer an employer’s National Insurance contribution for young people?
This applies to employees under the age of 21 or apprentices under the age of 24 making it
- Better value for employers to take on young apprentices since the changes came into effect on 6th April 2016
- An opportunity to save around £1000 per year when employing an apprentice earning £16000
- An opportunity to give young people a chance to earn whilst learning
- A beneficial opportunity to “grow your own” to aid your succession planning
Keep an eye out for the next tax saving tip which will be heading for your inbox tomorrow!