April 7th, 2022.
Small businesses will be paying an extra £3,000 on average in staff National Insurance contributions from today. The average employer should expect to see their monthly National Insurance bills increase by roughly 10 per cent, as a result of the changes.Combined with the increase in minimum and living wage coming into force this week, small businesses are to set to pay an extra £5,000 on average in outgoings, according to research by small business insurance provider
Superscript.
This is on top of the extra £10,000 that the
Federation of Small Business calculates they will be paying on energy costs this year.
Employees, meanwhile will be hit with a 1.25 percentage point rise in National Insurance from today. For some workers, this will be equivalent to a 10 per cent jump in their own tax bill from 10 per cent to 12.5 per cent.
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