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NIC reprieve will help firms

Sep 07 2010

New businesses will save on NICs

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Start-ups are set to save thousands on National Insurance payments in a scheme to encourage new businesses in key UK regions.

New companies that take advantage of the regional NIC holiday for new businesses scheme can save up to £50,000 in employer NICs, equating to £5,000 per employee up to a maximum of ten new employees.

Eligible businesses will be able to take a ‘holiday’ for each of the first ten employees they hire in their first year of business, lasting for the first 52 weeks the employee is in post, providing these weeks fall within the three-year amnesty period.

The regions that will benefit include the north east, Yorkshire, the northwest, West Midlands and Scotland.

Businesses set up on or after June 22 2010 can apply, with the scheme running until September 5 2013.

David Gauke, exchequer secretary to the treasury, says: ‘The NICs holiday for new businesses, in addition to cuts in corporation tax, will help provide a valuable boost to start up businesses and help foster the private sector led recovery that will drive growth in the UK over the coming years.’

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