Tax cut worth up to £1,000 for half a million small businesses

Yesterday the £1,000 tax cut for half a million small businesses came into effect.

Businesses are facing higher costs because of global inflationary pressures, an energy spike and global instability – so we are working to support businesses through our new tax plan.

That is why the Government have raised the Employment Allowance from £4,000 to £5,000 allowing smaller firms to claim up to £5,000 off their employer National Insurance Contributions (NICs) - meaning half a million businesses nationally will get a tax cut worth up to £1,000.

This tax cut for businesses in Norwich will help them thrive and grow to help drive economic recovery.

For further information on this announcement, please visit: https://www.gov.uk/government/news/tax-cut-worth-up-to-1000-for-half-a-million-small-businesses-starts-today