Small businesses set to save up to £2,000 a year

Small businesses set to save up to £2,000 a year
Local shops could save up to £2,000 a year through the Employment Allowance

By Michael Somerville - 12:18PM - Mon 14th October 2013

The Association of Convenience Stores (ACS) has welcomed the introduction of the National Insurance Contributions Bill to Parliament, which could save local shops up to £2,000 a year.

From April 2014, the Bill will give up to 1.25 million businesses and charities a £2,000 tax cut of their annual National Insurance Contributions, resulting in 450,000 businesses being taken out of paying NI contributions altogether.

ACS Chief Executive James Lowman said: “The Employment Allowance will provide direct help to local retailers helping them to take on new staff. Local stores already create around 375,000 jobs, and increasing wage costs put pressure on retailers’ ability to employ more people.”

Over 90 per cent of the benefit of the Employment Allowance will go to small businesses with fewer than 50 employees. This will also mean that businesses will be able to employ four adults or ten 18-20 year-olds full-time on the National Minimum Wage without paying any employer National Insurance contributions at all.

Figures from the latest ACS Local Shop Report show that on average, convenience store retailers employ between seven and eight employees per store, with more than two thirds working part time.

The ACS represents over 33,500 convenience stores and aids local shops through lobbying, support and networking opportunities.

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