Yes £50,000, thats how much you could save in employers NI if your business qualifies for the regional employers NICs Holiday.
Under this scheme, for a limited period and subject to meeting certain conditions, new businesses may qualify for a deduction of up to £5,000 from the employer NICs that would normally be due – for each of the first ten employees they take on.
The National Insurance contributions (NICs) holiday is available to new businesses that start up during the period from 22 June 2010 to 5 September 2013.
The types of business that may be able to apply for the holiday are:
- a sole trader, company or partnership that begins to carry on a trade, profession or vocation
- a property business or investment business
- a new trading charity whether or not it is carrying out activities with a view to profit
Managed Service Companies do not qualify for the holiday.
If you have recently started a new business its well worth finding out if it will qualify.