As income tax and national insurance rates fall for many low paid workers, the Lancashire based Federation of Small Businesses said the tax burden is too heavy for many firms.
“Higher Employer NICs rates still mean less money in the economy for pay rises, let alone sustainable investment, recruitment and discretionary spending.
“Though the Employment Allowance marks a vital relief on Employer NICs, and we’d encourage all small firms to check their eligibility, we need to see government go much further in addressing the cost of doing business crisis that underlies the cost of living emergency. “Amid surging fuel prices, spiralling energy bills, higher debt costs, a weakened pound, supply chain disruption, labour shortages and new trade paperwork, firms are still faced with the biggest tax burden since the late 1940s.
“Taxes which are levied with no regard for profitability or ability to pay – not least business rates, NICs,“Doing more to alleviate their impact on margins would go a long way to helping small businesses, many of which are hanging by a thread.”
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