Originally written by Timothy Adler on Small Business
Boris Johnson will gift small businesses £1,000 each and will cut business rates if the Conservatives win the general election.
Prime minister Boris Johnson will address the annual Confederation of British Industry (CBI) conference today as he tries to repair the Conservatives’ relationship with business, following his notorious “f**ck business” remark back in 2018.
Small business support is crucial to both Labour and the Conservatives. According to the Federation of Small Businesses (FSB), a typical constituency has 25,000 people working in a small business, around 7,000 of whom are self-employed.
The prime minister will pledge small firms a £1,000 tax break by lifting to £4,000 the employment allowance they can claim against national insurance contributions.
>See also: Business rates reform key, says Labour business chairman Rachel Reeves
“This will amount to almost half a billion-pound tax cut for small business,” said a Conservative Party statement.
Boris Johnson will also promise an immediate “fundamental review” of business rates – the property-based tax paid by companies that many businesses have complained about over the past two years – leading to a reduction of its “overall burden” on firms and employers.
Companies, notably retailers on struggling high streets have protested about rising business rates
Tag Archive for National Insurance
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Boris Johnson to fund tax cuts by increasing NI contributions
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Boris Johnson plans to increase the amount both employers and employees pay by way of National Insurance contributions to help fund tax cuts for the well-off.
Johnson, who is front runner to become Prime Minister during the Tory leadership election, has vowed to raise the 40pc income tax threshold from £50,000 to £80,000.
His income tax plan will cost an estimated £10bn, which will also be funded, Johnson writes in today’s Daily Telegraph, by digging in to the £26.6bn which Chancellor Philip Hammond has set aside to cushion against a no-deal Brexit. Given that Johnson is one of the handful of Tory leadership hopefuls open to a no-deal Brexit, politicians have wondered where this cash will come from.
Given that Boris Johnson has called himself a One Nation Conservative – concerned about equality between the rich and the poor – others see the move as breathtakingly cynical and opportunistic, appealing directly to Conservative Party members about to vote in a new leader, many of whom as richer pensioners do not pay NI.
Both Johnson and leadership rival Jeremy Hunt have both pledged to cut corporation tax. Hunt also wants to use the Chancellor’s £26.6bn “fiscal headroom”, in
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Christmas entertaining could leave employers with a tax bill
by Stephanie Spicer • • 0 Comments
Employers planning a staff Christmas party risk tax demands because of increasing entertaining during the rest of the year, warns accountancy firm BKL. The official annual limit for staff entertaining, set by HMRC, is £150 for each employee. The key points for an employer to consider before they dig into their pockets are: The “per
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The benefits of national insurance
by Owen Gough • • 0 Comments
National insurance is an insurance scheme where people who are employed make payments for their own benefits. These payments are known as National Insurance contributions and they can be payable in case you can meet the contribution conditions. In order to claim a tax credit or a benefit, a national Insurance number is mandatory. This
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