Businesses urged to apply for tax holiday

NEW Londonderry businesses are being urged to apply for a Government tax holiday that could save them thousands of pounds in staffing costs.

The ‘Regional Employer National Insurance Contributions (NICs) Holiday’ offers big reductions in employer NICs for new businesses in Northern Ireland who employ staff and meet certain criteria.

Under the three-year scheme, eligible businesses can take a 12-month ‘NICs holiday’ for each of the first 10 employees they hire in their first year of business, up to a maximum of £5,000 per employee. This means new businesses who take advantage of the scheme could save up to £50,000 in total.

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To date, around 269 businesses in Northern Ireland have already applied for the scheme, which is administered by HM Revenue & Customs (HMRC).

To help publicise the scheme, HMRC will be writing to 4,000 new businesses in Northern Ireland over the next few weeks, to encourage them to find out more.

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.”

Guidance on applying, and further information on the scheme, can be found by visiting www.businesslink.gov.uk/nicsholiday.