Managing Your Cash Flow
1 in 10 employers still missing out on £2k NIC rebate
1 min read
04 August 2014
Businesses could be missing out on a total of £275m in the form of a National Insurance Contributions rebate, a survey released today suggests.
The figures from Sage suggest that one in ten small business owners have not applied for the Employment Allowance, an NIC rebate worth up to £2,000, which came into effect in April.
Although 89 per cent of business owners said they had claimed the money, nine per cent said they had not checked if they were eligible and two per cent said they had not made any effort to claim.
Applying for the rebate can be as simple as ticking a box in your accounting software. For more information on eligibility and how to apply, visit Gov.uk.
Jonathan Dowden, payroll category manager for Sage UK, said: “Although this is only a small proportion of businesses, the huge number of eligible firms means there is millions of pounds sat in the bank waiting to be claimed.
“That extra £2,000 has the potential for a business to invest in new equipment, help pay off an overdraft, or pay for training for staff. This small amount can go a long way in giving small businesses the confidence to grow and expand.”
Related: Top ten small business tax reliefs