Needless insurance

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Owner-managed businesses may be costing themselves national insurance unnecessarily, according to Matlock-based accountants, Coleman Bradshaw.

Many company directors of small owner managed businesses have for many years paid themselves a nominal salary through their limited company, which is set at a level where no tax is payable.

Following the recent budget this level has been increased to just over £8,000, but the level at which national insurance becomes payable has not followed suit.

“Many company directors will be surprised to see how much national insurance has been deducted from their April payslip, and needlessly so,” warned director Scott Bradshaw.