Local MP, Stephen Crabb, is encouraging Pembrokeshire businesses to take advantage of the £2,000 reduction in Class 1 National Insurance Contributions (NICs) announced by the Chancellor of the Exchequer in the Autumn Statement.
Small businesses are the engine of job creation in the UK economy and the new Employment Allowance, which will apply from April 2014, will provide 1.25 million businesses and charities with a £2,000 cut on employment tax, making it easier for them to take on new employees.
30,000 businesses in Wales will benefit from the scheme, with those employing five adults full-time receiving a tax cut of over 80%. Businesses that are meant to pay less than £2,000 in NICs will pay none at all, taking 20,000 businesses in Wales out of employer NICs altogether.
Speaking from Haverfordwest, Stephen Crabb MP said:
“Small businesses are the backbone of the Pembrokeshire economy and this tax cut will provide real practical support for the smallest businesses in our County.
Business confidence in Wales is at its highest level for 16 years and the Employment Allowance will make it easier for local businesses to grow, fuelling a jobs boost in our local economy.
I’d urge all Pembrokeshire business owners to log-on to the HMRC website to find out if they are eligible.”
For more information and to find out how to sign up for the tax cut, please see the below guidance from HMRC: www.gov.uk/employment-allowance-up-to-2000-off-your-class-1-nics
