Publications that covered this story include City AM, Accountancy Age, Reuters and the Daily Express. All on 8 March.
- Self-employed and small business owners to be hit by £2.1 billion in NIC increase
Roy Maugham, head of our Tax department, says of the NIC increase: “This is a strangely timed attack on the entrepreneurs and the “strivers” that politicians always claim to value. Increasing taxes on dividends for small business owners plus increases in taxes for all successful self-employed individuals through extra NIC is no help in fostering the UK’s start-up culture.”
“The increases in National Insurance alone will hit the self-employed for £2.1 billion in the next five years. As we prepare for the risk of lower involvement of foreign corporates in the UK post-Brexit, we need to be doing more to help our home grown small businesses not heaping more taxes on them.”
“The self-employed take big risks and miss out on holiday pay, sick pay and many other benefits. It is time The Treasury stopped picking on them.”