Enfield businesses boosted by cashback on jobs.Enfield MPs welcomed new figures showing over 2,500 local businesses have benefitted from tax cuts on their wage bills. In total 900 businesses in Enfield North, and a whopping 1,700 in Enfield Southgate, are benefitting from the Government’s Employment Allowance since its introduction in April, making it easier for businesses to hire staff and create jobs.
The Employment Allowance is a reduction in National Insurance Contributions that an employer pays for its employees. The allowance is worth up to £2,000 off the National Insurance bill of every employer and is open to businesses, charities and community amateur sports clubs. It is simple to claim and easy to administer, with businesses confirming their eligibility through their regular payroll processes.
Within the first six months of its launch, over 850,000 employers across the country have benefitted from the Employment Allowance, with that figure likely to grow.
Enfield North MP Nick de Bois said:
“This tax cut has been an important part of getting business back on its feet and hiring again. Already, just shy of a thousand employers in Enfield North have benefitted from a lower contributions bill, making it easier for them to create jobs. I want to make sure everyone that can claim this tax cut does, so if you’re not sure how to please do contact me at email@example.com”
Enfield Southgate MP David Burrowes said:
“I am delighted by these figures that show once again that this Government is backing businesses. We have introduced a whole host of measures to make it easier for businesses to start up and thrive. A cut in corporation tax, help with business rates and the landmark Employment Allowance, which is cutting up to £2,000 off local businesses National Insurance bills, have all led to the creation of 400,000 more small businesses since 2010. We've slashed red tape and ripped out 3,000 pointless regulations to save businesses £1.5 billion. In fact, we're on track to be the first government in modern history to leave office with fewer regulations than when we arrived.”
· The Employment Allowance takes £2,000 off employer’s National Insurance bills. The allowance, introduced on 6 April 2014, cuts the jobs tax for every business and charity by up to £2,000. Businesses will be able to hire one extra person on £22,400 pa, or four people working full time on the minimum wage, without paying any National Insurance. (HM Treasury, Budget 2013, 20 March 2013, link; HM Treasury press release, 6 March 2014, link).
· Employment is up by 1.7 million since the election. That’s 1.7 million more people with the security of bringing home a regular pay packet. In the three months to April 2010, there were 29.048 million people in employment. In the three months to August 2014 there were 30.763 million people in work (ONS, Labour Market Statistics, 15 October 2014, link).
· The private sector has created over 2 million jobs since the election. This excludes the effect of major reclassifications and compares Q1 2010 to Q2 2014 (ibid.).