City workers contribute £11 bn in NICs and income tax

We hear a lot about the huge bonus payments made to workers in the City but accountants in London may be interested to discover that workers in the City pay the same in taxes as the whole population of Scotland.

Ambition recruitment consultants have collected data that shows that Square Mile workers paid £11 billion in National Insurance and income tax, equalling the total paid by the entire workforce north of the border. City workers’ payments make up 7% of the entire UK contributions, the consultancy reports.

The MD of Ambition UK, Simon Lynch, said a torrent of abuse has been fired at city workers in the last three years but they actually make a very valuable contribution to the public purse. Not all Square Mile employees work in a bank and get multi-million pound bonuses, he added.

Meanwhile, it’s going to cost more for individuals to declare themselves bankrupt and for businesses to enter voluntary liquidation as from the first of June.

The Insolvency Service is increasing prices for businesses declaring voluntary liquidation from £1,000 to £1,165 and for individuals filing for bankruptcy from £450 to £525.

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