In the upcoming budget, Labour may inadvertently increase insolvencies among struggling businesses by raising National Insurance contributions, burdening them further in a time of crisis.
Without the flexibility to lay off or reduce hours, companies under distress might struggle to survive, as insolvency practitioners often seek solutions to save both jobs and companies.
The government's intention to avoid raising taxes on working people will paradoxically affect employers, who are left to shoulder increased contributions during dire financial straits.
Many struggling businesses, facing a £22 billion shortfall and substantial tax debts to HMRC, could be pushed closer to insolvency with the proposed changes in National Insurance.
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