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Tesco faces £1 billion extra tax bill following National Insurance hike

Tesco is set to face a £1 billion increase in its tax bill following the Government’s decision to raise National Insurance Contributions for employers. According to…

FOOD & DRINK

Tesco faces £1 billion extra tax bill following National Insurance hike

11 November, 2024 | by Angela Beevers

Tesco is set to face a £1 billion increase in its tax bill following the Government’s decision to raise National Insurance Contributions for employers.

According to The Sunday Times, analysis by Morgan Stanley has shown that the supermarket will pay £250 million more for each of the next four years.

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Tesco employs 300,000 workers in the UK and is expecting its operating profits to be around £2.9 billion this year.

From April 2025, employers’ National Insurance Contribution will rise to 15% from 13.8 % with the threshold being lowered to £5,000 from £9,100. The change is set to raise around £25 billion a year,

Sainsbury’s chief executive Simon Roberts has previously said that the increase will lead to price inflation.