National Insurance Contributions (NIC) Holiday

Coverage: Blackburn with Darwen, Blackpool, Burnley, Chorley, Fylde, Hyndburn, Lancaster, Pendle, Pennine Lancashire, Preston, Ribble Valley, Rossendale, South Ribble, West Lancashire, Wyre,

Finance Type: Recruitment and Employment,

New businesses may qualify for a deduction of up to £5,000 from the employer NICs that would normally be due – for each of the first ten employees they take on.  Business can only apply for the NICs holiday if their principal place of business is located within designated areas of the UK at the time your business starts up. The following areas are designated:

• Northern Ireland
• Scotland
• Wales
• East Midlands
• North East
• North West
• South West
• West Midlands
• Yorkshire andHumber

 The types of business that may be able to apply for the holiday are:

• a sole trader, company or partnership that begins to carry on a trade, profession or vocation
• a property business or investment business
• a new trading charity whether or not it is carrying out activities with a view to profit

NB - Managed Service Companies do not qualify for the holiday, nor do: businesses in the coal sector, businesses in the road freight transport sector – where the aid is to be used to acquire road freight transport vehicles, businesses involved in export-related activities.

There are also sectors entitled to a reduced rate of de minimis State Aid:

• Road transport – those not excluded as detailed above = €100,000
• Agriculture = €7,500
• Fisheries and aquaculture = €30,000

Timeframe:

The NIC holiday is available to new businesses that start up during the period from 6^th September 2010 to 5^th September 2013. If a business is eligible, the NIC holiday will run for 12 months after the date the business started.

If a business has have already made payments of employer NICs that they you realise could have been withheld under this scheme, they first need to complete an application form to confirm their eligibility to take advantage of the NICs holiday. They will then be asked to calculate the refund amount that they can expect.

Funding: Upto £5,000

Type of Funding: Grant

Project Timeframe - Expiry Date: Thursday 5th September 2013

Eligibility: Eligibility rules apply. Select Read More to find out more.

Disclaimer: The information above was accurate at the time of publishing. This is a constantly evolving directory and we will amend the details as and when required. Regenerate Pennine Lancashire is not responsible for the accuracy of external information.

More Information: Read More or Contact Us