The cost of employment taxes for UK businesses is rising, hurting job creation and income growth, a new study has found.
According to accountancy firm UHY Hacker Young, the average costs to UK businesses in social security and other employment taxes now account for 11.5% of an employee’s annual salary of £47,680.
This is up from 11.2% in 2012 and despite a global fall of 1.29%, or a 6.34% decline within the G7 countries.
UK businesses are now paying £5,460 per year in employment taxes for an employee earning £47,680. This is an increase from £5,360 four years ago, says UHY.