Labour’s first Budget since 2010 was announced on Wednesday, October 30, but some Croxley businesses feel “it hasn’t been so kind to us”.
In Chancellor Rachel Reeve MP’s speech, it was announced that from April, companies will pay National Insurance (NI) at 15 per cent on salaries above £5,000 and up to 13.8 per cent on salaries above £9,100. Allegedly, this will raise an additional £25billion per year.
Employment allowance, which allows smaller companies to reduce their NI liability, will increase from £5,000 to £10,500.
Linda, from The Kitchen on Watford Road, Croxley, told CROXLEYnews: “VAT continues to plague us, and government regulation isn’t making things any easier. A rise in employers’ NI and the threshold, reduction in Business Rates relief, and substantial rises in the National Living Wage and National Minimum Wage will hit into many micro businesses in ways we haven’t yet quite worked out.”
Local Labour MP Matt Turmaine said: “Labour has kept its manifesto promise on tax to working people. No increase in VAT, no increase in Income Tax and no increase in National Insurance. It’s a fact and pay slips will prove it.”
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