Tag Archives: national insurance

National Insurance Contributions Bill good news for SMEs

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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

Chancellor talks up SMEs at Conservative party conference

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Chancellor of the exchequer George Osborne has declared the Conservatives as the party for small and medium-sized enterprises (SMEs) at its annual conference in Manchester.

Mr Osborne took to the stage in front of his peers yesterday (September 30th) to talk about what his own parents achieved in business, before saying he wanted to do what he could to help SMEs grow – which in turn would create jobs.

He told the conference that his party would “finish what it started” and help hardworking people start their own businesses, while adding that he was “hugely proud” of his parents and what they achieved when they set up their own manufacturing company. 

The chancellor also boasted that the Tories have cut a small business tax imposed by Labour, while exempting the smallest firms from paying rates. He also paid lip service to the Employment Allowance which is set to be introduced next year – which will effectively “take a third of all the businesses out of paying national insurance altogether”.

Posted by the Secret Businessman