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Governments tax breaks

The British treasury has stated today that more businesses across the country should be taking full advantage of the governments tax break in regard of hiring new workers after Labour branded the plan as a complete and utter flop. The governments plans which was announced by the chancellor George Osborne within his 2010 yearly budget plans had the sole function of providing just short of half a million small businesses with a small amount of relief on the payments required on national insurance for the first ten employees that were hired.

The unfortunate fact though as noted by Labour is that only ten thousand of these companies have actually seen the benefit of the scheme so far even though revenue and customs have been actively working around the clock to increase the number. The initiative from the chancellor which includes offering businesses a five thousand pound tax break for each and every worker employed had been designed to encourage firms to create new jobs within the private sector even though many industries are seeing huge cutbacks in regards to employment within the public sector. Labour though today has stated that the plan which was scheduled for three years which has been limited to only new firms who operate outside of London and the east of England have only resulted in the creation of just over twelve thousand jobs in the previous three months.

Labour have also stated that the treasury and its own figures have suggested that whilst there is a benefit to many businesses which has been recorded in excess of six million pounds was costing far too much to set up with costs of around twelve million to regulate and administer. It is thought by many that the one policy that could be seen as a flagship one that could have made any type of difference has been by large a complete flop as it is only supporting one in forty companies who had been offered assistance. Shockingly the government has drawn up plans and is set to spends over twice the amount it has so far paid out to businesses on admin alone which for many is a worrying issue. In a retort by the treasury they stated that over ten thousand companies had already seen a large amount of help from the scheme and that these employers had benefited from an estimated six million pounds. But the fact remains that even more companies should be benefiting and that the HMRC should be working much harder to increase this number. For additional Government news, we recommend http://www.number10.gov.uk/

A spokesman for the treasury today stated that tax relief was just a single directive that was put in place to help businesses cope with increased costs whilst cutting corporation tax relief on many of the countries business rates and loans.

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