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| Industry News |
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EMPLOYERS NI 1% RATE INCREASE DROPPED
July 2010
Frozen. One Conservative promise that will still be honoured under the new “Coalitiion Agreement” is that the planned 1% increase in employers’ National Insurance (NI) contributions will be scrapped . It has been described as a “tax on jobs” at a time when businesses were starting to feel confident about recruiting again. So the current rate of 12.8% will remain in force for now.
Employee Increase. Whilst this is good news for you, the planned increase to employee
NI contributions is still going ahead/ / this will be introduced from April 6 2011. However, if an employee asks you what’s happening, you can explain that although this rate will rise, it will be partially absorbed by a higher personal tax allowance. The government says it will be increasing this to £10,000 for lower and middle income earners, but this is likely to occur in stages. We will update you as soon as we have more news.
Source: Tips & Advice Personnel June 10 2010
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