Plans to give small to medium-sized enterprises (SMEs) a cut on national insurance have been introduced in the form of a new government bill today (October 14th).
The move will save 1.25 million firms £2,000 each per year – with 4,500 companies having their bills wiped out entirely.
Chancellor George Osborne originally announced details of the proposal during his budget in March, with the cut due to be in force by April 2014.
According to ministers, 90 per cent of those set to benefit are SMEs with less than 50 members of staff.
Prime minister David Cameron said: “We are determined to do everything we can to ensure that our small firms can be successful and prosperous and people can fulfil their aspirations.”
Alongside the National Insurance Contributions Bill, a consultation of whether new laws are needed to reduce the number of late payments are needed is also being launched.
Posted by the Secret Businessman