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It’s been reported that the government is considering increasing National Insurance Contributions (NICs) for both business owners and employees.

The Federation of Small Businesses (FSB) has responded to these reports, warning that this would be a ‘severe blow’’ to both SMEs and sole traders.

FSB National Chair Mike Cherry, said, “Breaking a manifesto promise by increasing NICs just at the moment when firms are struggling to get back on their feet would be devastating for small businesses and the local communities they serve.

“NICs act as a jobs tax, making it harder for small firms to provide opportunities and invest to improve productivity. If this hike happens, fewer jobs will be created by the UK’s small business community over the crucial months ahead.”

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Cherry added, “This regressive levy is yet another outgoing for small businesses and sole traders to worry about against a backdrop of spiralling input prices, supply chain disruption, a deepening late payment crisis, rent arrears, rates bills returning, skills shortages and emergency loan repayments.

“This government has rightly recognised the strain that NICs place on employers by increasing the Employment Allowance to £4,000, a move celebrated by firms last year alongside a NICs holiday for those who employ veterans. 

“Rather than floating tax hikes, it should be continuing in that vein – reducing the jobs tax to give small firms the breathing space they need to spur our economic recovery.

“The measures put in place by the government are already aiding job creation at the point when help is most needed. This mooted tax hike would reverse that progress when policymakers should be looking to build on it, with a further £1,000 uprating of the Employment Allowance.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few
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