National Insurance Contributions Holiday for New Businesses
New businesses may qualify for deductions up to £5,000 from NIC normally due…
For a limited period NEW businesses may qualify for a deduction of up to £5,000 from the employer National Insurance Contribution that would normally be due, for each of the first ten employees they take on.
The holiday is available to businesses started between 22 June 2010 and 5 September 2013. Sole traders, partnerships and limited companies are all eligible provided that the principle place of business is within the qualifying regions.
The NIC Holiday is voluntary and you must notify HMRC if you wish to opt into the scheme. An application form must be completed by the sole trader, partner, company secretary or director to initiate the process. We can supply the form however we are not authorised to complete it on your behalf.
The legislation is yet to be passed by Parliament. However you can still take advantage of the scheme. However, if it is not passed then you will be required to pay the Employers Class 1 NIC that would, otherwise, have been due.