MP says NI tax cut is supporting jobs and helping businesses
John Baron MP has welcomed new figures showing that 109,000 businesses in the South East are already benefitting from the Employment Allowance, introduced in April, which reduces the cost to businesses of employing people.
The Employment Allowance takes up to £2,000 off the National Insurance bill of every employer and is open to businesses, charities and community amateur sports clubs. The allowance means a business could now hire someone on £22,400 a year, or four people working full-time on the minimum wage, without paying any employer national insurance at all.
In total up to 1.25 million employers will benefit from the allowance, with 450,000 taken out of paying the tax on jobs altogether. This is benefitting local businesses, making it easier for them to grow and create more jobs.
“Cutting the tax on jobs and backing local businesses greatly helps our local economy. This tax cut makes it easier for businesses to take on new people, and it is excellent news for Basildon and Billericay. Many businesses are now benefitting.”