BusinessCompany NewsTax credits to cost employers £1bn

Tax credits to cost employers £1bn

Tax credits are costing employers £1bn over five years to administer according to the Tories.

Link: IFS predicts tax credits will cost billions

Estimates that tax credits cost only £105m to administer are massively under estimated, according to the Tories who are reported to be planning to launch on government today.

The Tories also say administering children’s tax credit will cost business £200m before it is removed in two years.

Industry has protested that tax credits, which are at the centre of the government’s reforms of the benefits systems, are a heavy burden, particularly for small companies.

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