Member Article

Applause for Government's national insurance contributions decision

It would be fair to say that in this tough economic climate every little helps and there were certainly some happy faces amongst tenants at Royal Quays following the recent changes to National Insurance contributions.

There is no doubt that the UK recession has had a huge impact on retailers, and the decision to postpone the latest rates revaluation until 2017 has placed further strain on both small and large operators. So, the Government’s decision to reduce national insurance will be hugely welcomed.

During the 2013 budget chancellor George Osborne waived the first £2,000 of National Insurance contributions (NICs) for all companies, as of April 2014.

This relief means 450,000 of the UK’s small businesses will not have to pay any contributions when the change comes into effect.

In light of the new announcement, every business will be able to employ one worker on a salary of £22,400, or four employees on the minimum wage, without paying any employer NICs.

Having trained in retail management, I know that setting up your own business can be a daunting process and it is easy to feel that there is little support on hand.

Budding entrepreneurs need to be encouraged and for someone setting up their own business and looking to take on an employee, this incentive will come as a huge relief and confidence booster.

At Royal Quays, we support our retail operators as much as we can. Small businesses play an essential role in boosting local economies and it is great to see the government introduce positive measures to encourage their growth.

This was posted in Bdaily's Members' News section by Royal Quays Outlet Centre .