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MORE SMES COULD BENEFIT FROM TAX BREAKS
Posted on 23rd Jan 2012 in News
More SMEs could be benefitting from tax breaks, intended to encourage job creation in the private sector at a time of cutbacks in public sector employment. The scheme, which was introduced in 2010, entitles up to 400,000 new businesses to claim up to £5,000 in tax relief on national insurance payments for the first 10 staff hired. It is only available outside London, the south-east, and east of England.
However, Labour has said that only 10,000 companies had taken advantage of the move so far, creating only 12,400 new jobs between September 2010 and November 2011. Labour also said that although the initiative had benefitted businesses by £6m so far, it was costing £12m to set up and administer.
Owen Smith, shadow Treasury Minister, commented: "The one flagship policy that could have made a difference has been a total flop, supporting just one in forty businesses who were promised help. And shockingly, the government is set to spend twice as much on admin costs than it has so far paid out in support to businesses.” Mr Smith repeated Labour’s previous demands for national insurance relief on new employees to be offered to existing firms across the whole of the UK.
A spokesman for the Treasury said: "Over 10,000 businesses have already been helped by the scheme, with these employers benefiting by an estimated £6m. But more businesses could benefit and HMRC has been working to increase this number." He also stressed that tax relief was just one of a number of initiatives designed to help business including cuts to corporation tax, relief on business rates and state-backed loans.
SME Invoice Finance is committed to helping existing small businesses free up the finance enabling them to grow, or to achieve any other business objective. Find out how you can release the value trapped in your invoices by calling 0800 083 8835.
