Don’t Miss Out on NIC Holiday, says HMRC
Start-ups outside London, the south east and the east of England are exempt from paying employers’ National Insurance Contributions (NICs) for the first ten recruits they hire, HM Revenue & Customs (HMRC) has reminded new businesses.
Announced in the emergency Budget last year, the Regional Employer NICs Holiday for New Businesses is aimed at encouraging enterprise growth in the parts of the UK which were worst hit by the public sector spending cuts.
Under the three-year scheme, new businesses in all parts of the UK ― except London, the south east and the east of England ― are exempt from NICs for the first ten recruits they hire in their first year of trading, up to a maximum of £5,000 per employee.
More than 6,000 businesses have applied to the scheme to date, HMRC said.
“This is a real opportunity for new businesses, so don’t miss out,”
said HMRC director general Stephen Banyard.
“If you’re thinking of starting a new business, or have recently set one up, read the HMRC guidance carefully to find out if you’re eligible. If you are, apply now.”