The new regional National Insurance Contributions (NICs) holiday for new businesses announced in the June, 2010 has now come into effect.
New business set up outside London, the South East and East of England will be eligible for a holiday worth up to £5,000 for up to the first ten employees they hire in their first year of business. This means a maximum saving on the employer's 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.
New businesses established since the announcement in the Budget on the 22nd June, and which meet the qualifying criteria, will also be eligible to apply.
There is full guidance on the business link website. The scheme is available to new businesses in Shropshire. Please contact us if we can help.
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