National insurance holiday scheme launched to support new businesses
A newly launched tax break means that new businesses in the Midlands, the North of England, Scotland and Wales can potentially save up to £50,000 a year.
The national insurance contributions holiday scheme has been launched by the Government to encourage investment in areas that are particularly reliant on public sector funding.
Under the scheme, hospitality companies and others in the targeted regions can save £5,000 per employee for the first 10 employees, with each "holiday" lasting for the first 52 weeks that person is in post.
The scheme is open to new businesses set up on or after 22 June 2010, and will run until 5 September 2013.
Qualifying regions comprise: The North-east and North-west, Yorkshire and the Humber, the East Midlands and West Midlands, the South-west (England), Scotland, Wales and Northern Ireland.
David Gauke, exchequer secretary to the Treasury, said: "The NICs holiday for new businesses, in addition to cuts in corporation tax, will help provide a valuable boost to start-up businesses, and help foster the private sector-led recovery that will drive growth in the UK over the coming years."
More information on the scheme can be found at www.businesslink.gov.uk/nicsholiday.
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By Chris Druce
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