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New businesses in Nottinghamshire are being encouraged to register for a potential £50,000 tax perk, following the launch of government’s new National Insurance holiday initiative.
The scheme will give local firms a three-year holiday from paying National Insurance Contributions (NICs) for their staff.
Normally firms have to pay NICs for every person that they employ. But under the scheme, new businesses set up outside London, the South East and the East of England will be eligible for the break, worth up to £5,000 for the first ten employees they hire in their first year of business.
The initiative has been introduced to boost enterprise and encourage private sector employment. It is estimated that some 400,000 new businesses across the UK will benefit.
George Cowcher, chief executive of the DNCC, said: “Any measures which help to promote growth, encourage enterprise and support the private sector and start-up businesses in particular have to be a good thing.
“The Chamber campaigned long and hard against the employers’ National Insurance Contributions (NICs) planned by the last government in the run-up to the general election, so the introduction of a NICs holiday for new businesses is a welcome move which could help to save new firms in Nottinghamshire significant amount of money.
“It is vitally important that all new businesses check to see whether they are eligible for the NICs holiday and if they are, to apply without delay. There are a number of administrative and financial burdens placed on new businesses and it would be a shame for them to miss out on any potential tax breaks unnecessarily.”
