After the budget announcement this week, the employer National Insurance rate is set to increase to 15% from April next year.
This is an increase in costs to businesses. That said, there is an opportunity for employers to make additional savings for where they offer a car/cash allowance to their employees.
Cash iQ with TMC allows businesses to enjoy the maximum NIC exempt amounts that HMRC allow where employees use their own vehicle for business. These are known as Relevant Motoring Expenses (RMEs).
We use the accurate business mileage claims, recorded using TMC systems or via feeding telematics, to calculate the NIC disregard available on a monthly basis, attracting savings for both the employee and employer.
