Saturday, June 22, 2024
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MP Stephen Metcalfe welcomes tax reforms for local businesses

STEPHEN Metcalfe, Member of Parliament for South Basildon & East Thurrock, welcomed the start of tax reforms that will help local businesses invest more of their money into taking on more staff and growing.

Since 6 April, employer National Insurance contributions for apprentices under the age of 25 have been scrapped, saving a business employing an apprentice on the National Minimum Wage over £500 a year.

The employment allowance for all businesses and charities has also risen from £2,000 to £3,000 so that a firm can employ up to four people full-time on the new National Living Wage and pay no employer National Insurance contributions at all.

Businesses will also benefit from a cut in Capital Gains Tax – with the higher rate falling from 28 per cent to 20 per cent and the basic rate from 18 per cent to 10 per cent – ensuring they can access the capital they need to grow and create jobs.

On 1 April a range of other reforms began, including the further extension of the doubling of small business rates relief into 2016/17 and the freezing of fuel duty.

Mr Metcalfe commented: "These changes are great for local businesses big and small, making it easier for them to grow, create jobs, and help train young people.

"Conservatives in Government must continue to deliver on a commitment to support businesses. If businesses have the right support, and young people are given the right training, we will see the benefits of economic growth both locally and nationally."

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