TaxCorporate TaxHMRC flags up NIC holiday scheme

HMRC flags up NIC holiday scheme

The taxman will write to 144,000 businesses reminding them about scheme

HM REVENUE & Customs will write to 144,000 businesses reminding them about the National Insurance holiday scheme.

The scheme gives new businesses in certain regional areas a relief of £5,000 on each of the first ten employees they hire.

In its first year, 6,000 businesses have applied for the scheme, which is available to businesses in North East, Yorkshire and the Humber, the North West, the East Midlands, the West Midlands, the South West, Scotland, Wales and Northern Ireland.

However, this figure is way below the 132,000 businesses expected to take up the scheme every year. The policy formed a key part of Chancellor George Osborne’s (pictured) first Budget in June last year. The letters to the 144,000 businesses, which will be sent in the next few weeks, HMRC has said.

HMRC director general Stephen Banyard said: “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 detailed HMRC guidance carefully, to find out if you’re eligible. If you are, apply now.”

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