Torquay chip shop owner faces £70,000 Budget bill
The chancellor has increased the National Insurance rate paid by employers while also reducing the threshold at which they start paying it.
It means more than half of the tax rises in the Budget will be paid for by employers, with the jump in the amount they pay in NI on workers’ wages to generate £25bn a year.
Ms Arnold said the increase in NI contributions, the reduction in the NI threshold from £9,100 to £5,000, the hike in the minimum wage and the fall in business rates relief would be costly for her business.
“She’s left me with having to find £70,000,” said Ms Arnold. “[The Budget] punishes hard-working entrepreneurs.
“What is in my pocket is getting less and less and less.”
She said the financial strain might force her to change her business model, potentially reducing staff.
“We won’t be able to hire local young people for summer jobs anymore. We’ll have to stick with a smaller core team year-round,” she said.
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