As an employer, you may already know that you can reclaim 92% of your statutory payments such as Maternity, Paternity and Adoption Pay. However, you may not be aware that you can actually claim 103%!
Yes, you heard correctly. If the total of your employees and employers Class 1 National Insurance in the previous year is less than £45,000, you can actually claim an additional 3% on top of the statutory payments you have to make.
Known as Small Employer’s Relief, it is a welcome relief to many employers. And if you know you will struggle to make statutory payments, you can even claim in advance for funding of the whole amount.
To find out more visit gov.uk here or contact us at Green & Co.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Image courtesy of duron123 at FreeDigitalPhotos.net