The Coalition Government intends to introduce a scheme to help new businesses in targeted areas of the UK by allowing a reduction in employers’ national insurance (NIC).
 
For a business commencing within a three-year qualifying period, the employer will not have to pay the first £5,000 of Class 1 employers’ NIC due in the first 12 months of employment. This will apply to each of the first ten employees hired in the first year of the business.
 
The scheme is intended to start no later than September 2010. Any new business set up from 22 June 2010 which meets the criteria set out will also benefit from the scheme.
 
The South West is amongst the regions which will benefit from the NIC holiday and further details are to be released soon.
 

Francis Clark has offices in Exeter, Plymouth, Salisbury, Taunton, Tavistock, Torquay and Truro. Francis Clark is the winner of the ‘Auditor of the Year - Mid Tier’ in the National Financial Directors’ Excellence Awards 2011, and LexisNexis Best General Tax Practice Award 2009. More information is available by logging on at our Online Information Centre