Reclaiming Statutory Sick Pay (SSP)
I've heard that I won't be able to reclaim the sick pay I pay to my employees from April. Is this true?
Unfortunately yes. Employers can currently recover statutory sick pay (SSP) as an off-set against PAYE due, if the SSP exceeds 13% of the class 1 NICs the employer pays over for the tax month. The excess SSP above the 13% threshold is the off-set amount.
For SSP paid on and after 6 April 2014 no off-sets will be given. The SSP will be an absolute cost to the employer, although it is a legal requirement to pay SSP to eligible employees. In return the Government is going to provide more help to employees who have been off sick for 4 weeks or more, in the form of a “back to work plan”
Leave your accounts to the experts and concentrate on the finer things in life
If you have the time, knowledge and experience and are super organised then managing your accounts shouldn’t be a problem. If however you’d prefer to concentrate on the finer things in life and leave them to the experts then get in touch with Mazuma