Budget view: NIC cut ‘will undoubtedly help business’

Mar 21, 2013

 

Seb Tubb (pictured), tax partner in the international accountancy firm’s Milton Keynes office, said: “The Chancellor’s help for business is particularly welcomed.
 
“The new employment allowance to cut employers’ NI by £2,000 for every firm, with 450,000 small firms paying no employer NI at all, will undoubtedly help.
 
“Other factors such as government procurement from small firms rising fivefold, the removal of stamp duty on shares traded on AIM and of course the cutting of Corporation Tax to 20% by 2015 are all taking us in the right direction.”
 
“For parents, the 20% tax relief on childcare up to £6,000 per child from 2015 will help.
 
“The one-off payments for those who lost money on annuities taken on Equitable Life policies before 1992 and extra money for those on low incomes will be welcomed.”
 
He said the scrapping of the 3p September fuel duty rise would help family budgets but described the scrapping of April’s 3p rise in beer duty and 1p cut overall as largely playing to the gallery.
 
“The duty escalator of annual inflation plus 2% for items such as wine, cider and spirits remains, so those of us who do not drink beer regularly will not be raising a glass to the Chancellor.”
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