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New Businesses Reminded Not to Miss Out on NIC Holiday

Sarah Bean - Monday 24.16.17, 07:59am

HMRC have issued a reminder that 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.

The Regional Employer NICs Holiday for New Businesses, which was announced in the emergency Budget last year,  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.

HMRC director general Stephen Banyard commented:  “This is a real opportunity for new businesses, so don’t miss out.  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.”

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