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A National Insurance Breather from The Queen

The Queens Speech outlined some new changes which will benefits businesses, In a new bill that has been passed, National Insurance Contributions for all companies, will be waived for the first £2000. This will make things a lot easier for employers to take on new members of staff.

This was initially announced in the budget by George Osborne earlier in the year. It is all part of the bigger plan to make an “aspiration nation” which will support entrepreneurs and small companies.

This mean that about 450,000 small companies will no pay any NIC.  All the tax is paid by staff and the employers which will go towards helping pay for things like the state pension.

The government is hoping this new bill and allowance will help small companies to recruit new workers.  Especially start-up businesses.

These changes will not happen until April 2014 and these allowances will be available to sports clubs and charities too.

The Coalition has also taken steps within the Bill to ensure that people are stopped from using “abusive tax schemes” so that they don’t have to pay their bit to the Treasury.

There is a rule already in place called “General anti-abuse rule” which will be extended to employment tax and this will stop the use of offshore payroll companies, these can and have been used by companies to help them avoid paying National Insurance. 

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