Start-ups urged to take National Insurance payment holiday

TREASURY minister David Gauke is urging businesses from across the region to take up a tax break aimed at helping new firms employ more staff.

Take-up of a government initiative offering Employer National Insurance Contributions (NICs) holidays for new business has been low so far, with only 1,094 businesses from around the region bothering to apply for the discount.

The government said that businesses which had taken advantage had gained from average savings of around £2,000 each last year.

It is available to businesses set up since 22 June 2010 and is worth up to £5,000 for up to the first ten employees hired in the first year of business.
This means a maximum saving on national insurance payments of up to £50,000.

Eligible new businesses can also apply for a refund of NICs they have already paid.

Mr Gauke said: "This scheme is quick and easy to apply for and can give an instant boost to new businesses, but there are hundreds in the North West that could be missing out on up to £50,000. I'd encourage all new businesses and their advisers to find out more."

The scheme ends on 5 September 2013.

 

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