Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK firms well below EU average for tax roll burden of workers on £30k

by November 28, 2022
November 28, 2022
UK firms well below EU average for tax roll burden of workers on £30k

The UK has one of the lowest payroll tax burdens for businesses, with the average cost of employing a worker on £30k being £3,000.

A new study by accounting company UHY shows Britain is below the European average, with the cost of keeping a worker in their job being 10 per cent of their salary, less than the EU in which it’s 20.7 per cent.

A key reason behind a higher burden in European Union countries, is due to costs like social security, insurance and pension contributions.

This comes after the mini-budget earlier in the year which lowered the national insurance rate to 12 per cent, and cancelled the social care levy in April. Jeremy Hunt confirmed these changes in his recent budget.

Lower costs for employing workers means firms are less likely to need to make layoffs, which is important amid tough economic times, high inflation, rising interest rates and recession.

Subarna Banerjee, Chairman of UHY International, said: “The recent mini-Budget has been one of the more controversial budgets of recent time, however, keeping national insurance low will make it cheaper to retain staff if the UK does enter into a recession. That will hopefully keep more people in jobs over the coming years.”

“The cut in NI also keeps the payroll tax burden for UK employers well below the EU and global average.”

Banerjee added that firms “could directly be incentivised not to make redundancies if governments reduced employment taxes.”

“Many economies have enjoyed near-record levels of employment in recent years, but that is expected to change. Keeping as many people as possible in work should be a key target for policy-makers in the coming months. A rise in unemployment will only exacerbate the issues many countries are facing due to consumer spending dropping sharply.”

Read more:
UK firms well below EU average for tax roll burden of workers on £30k

0
FacebookTwitterGoogle +Pinterest
previous post
ELECTION FRAUD: Senator Warnock’s Campaign Calls TN Man and Asks Him to Vote – The Man Records the ENTIRE CALL Then Posts It Online (VIDEO)
next post
UK exports to Japan slump after ‘landmark’ free trade deal

You may also like

Secondhand clothing sales set to be 10% of...

March 28, 2024

Where next? How these five industries will shape...

September 18, 2023

Work on £1.75bn Midlands Rail Hub to Commence...

February 29, 2024

UK faces the biggest fall in spending power...

March 15, 2023

Elon Musk suggests social media platform X could...

September 19, 2023

Bentley Revels in £500m Profits as Wealthy Pursue...

March 19, 2024

Tech careers appeal more to SEND students, new...

March 4, 2025

Nationwide limits crypto exchange payments as consumer risk...

March 3, 2023

Britishvolt seeks £200m emergency funding within the next...

October 15, 2022

Betting Industry Regulation Update 2023 in UK –...

March 17, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved