| A new regional national
insurance (NI) holiday for start-up
businesses has come into effect.
Businesses setting up outside London, the
South East and East of England will be
eligible for a NI holiday worth up to
£5,000 for each of the first ten employees
they hire in their first year of business.
This means a maximum saving on their
national insurance payments of up to
£50,000.
The scheme will run for three years. It
is estimated that 400,000 new businesses
will benefit by having a lower tax bill
from employing new staff.
The regional holiday, announced in the
June Budget, is designed to encourage the
creation of private sector jobs in regions
with high public sector employment.
The NI holiday, announced in the June
Budget, is available to new businesses
starting between 22 June 2010 and 5
September 2013.
However, as the scheme itself did not
begin until 6 September 2010, eligible
businesses can only deduct employer NICs
due on earnings paid on or after that date
(but before 5 September 2013).
More details of the scheme are
available via Business Link.
LINKS:
Business Link website |
