Tax cut worth up to £1,000 for half a million small businesses starts
Nearly half a million UK businesses are set to benefit from a tax cut worth up to £1,000 from 6 April 2022. The Employment Allowance has risen from £4,000 to £5,000 – meaning smaller firms will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bills.
Announced by the Chancellor at last month’s Spring Statement to reduce employment costs, the change takes an extra 50,000 firms out of paying NICs and the Health and Social Care Levy.