A £2,000 National Insurance tax cut that employers have to apply for has been welcomed by a Milton Keynes MP.
Mark Lancaster, the MP for Milton Keynes North, says the Employment Allowance will make it cheaper and easier for firms to hire new employees – helping give more people the security and stability of a regular pay packet.
The allowance takes £2,000 off the National Insurance bill of every employer and was opened to businesses, charities and community amateur sports clubs from April 6.
Mr Lancaster said: “This new tax cut to help businesses take on more people will be great news for people in Milton Keynes North. It will make it cheaper and easier for firms to hire new employees – helping give more people the security and stability of a regular pay packet.”
The MP added that backing business and enterprise with lower taxes is all part of the Conservatives’ long-term economic plan.
He estimates that across the South East region, including Milton Keynes, some 68,000 small businesses will be taken out of having to pay any tax on jobs at all.
Employers will be able to hire one extra person on £22,400 a year, or four people working full time on the minimum wage, without paying any National Insurance.
Visit www.gov.uk/employment-allowance to find out more and apply.