Greg Hands welcomes 2,900 local businesses benefiting from tax cut

Conservative Candidate, Greg Hands, has welcomed new figures released by HMRC which show that 2,900 businesses in Chelsea and Fulham have benefited from the Government’s Employment Allowance since its introduction a year ago, making it easier for small businesses to hire staff and create new jobs.

Official statistics released by HMRC (30 April 2015), showed the Employment Allowance take-up estimates for the full year 2014-15.

The Conservative led coalition Government introduced the Employment Allowance in April 2014 as a tax cut to support jobs. It provides up to £2,000 off the National Insurance bill for every employer, and is open to businesses, charities, and community amateur sports clubs.

The allowance means a business could now hire someone on £22,400 a year, or three people working full-time on the minimum wage, and not have to pay any employer National Insurance Contributions. This is making it easier for local businesses to grow and create more jobs.

Since it was launched in April 2014, over 1.1 million employers across the country have benefited from the Employment Allowance.

Additionally, employment is up by 2 million since May 2010, under a Conservative Government. In the three months to April 2010, there were 29.048 million people in employment. In the three months to February 2015 there were 31.049 million people in work.

Greg Hands, Conservative MP for Chelsea and Fulham, commented on the new statistics: “The Conservatives economic plan is backing businesses to create jobs, which is why it is so important that we stick to that plan so we can provide more people with the economic security that a regular wage brings. Since we introduced the Employment Allowance a year ago 188,000 businesses in London, and 2,900 right here in Chelsea and Fulham have had their National Insurance tax cut, making it easier for them to hire staff and create new jobs.”

Chancellor George Osborne welcomed the figures, saying: “It is great news that 1.1 million small businesses are now claiming our Employment Allowance. This confirms that our Employment Allowance has been a huge success - and a real boost to job-creating small businesses. Backing small business is at the heart of our long-term economic plan, a plan that is delivering jobs and growth across the country. Britain has now created over 2 million jobs in the past five years, and our £2,000 cashback on jobs has made it easier for small businesses to take on new staff.”