Calls for taxes to be slashed for small business have been made by an Oxfordshire MP.
Small business Saturday took place over the weekend and Layla Moran, MP for Abingdon and Oxford West has backed a proposed tax cut which could benefit 1700 small businesses and entrepreneurs.
The proposed tax cut would save small businesses an average of £5,000 a year by aiding them with staff costs.
It would be achieved by quadrupling the Employment Allowance to £16,000 for a period of two years.
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This would allow a small business to employ five people on an average salary without paying any National Insurance contributions.
1.1 million businesses would be eligible for this tax cut, which would save them an estimated £5.5 billion next year.
Ms Moran said: “Our local shops and restaurants are the backbone of our community and must be helped through a tough winter. Businesses in my constituency are struggling with mounting bills and worries about the impact of the new Covid variant in the coming weeks. We need to help them now with a big and bold offer.
“We should help small businesses who have already suffered so much during the pandemic.”
A record number of small businesses say they are struggling with rising costs as new Covid restrictions loom, according to a recent survey by the Federation of Small Businesses. Local restaurants have also reported a surge in Christmas bookings being cancelled, setting owners back thousands of pounds.
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