The government has announced the creation of a scheme allowing new businesses set up outside the London, South East and East regions to avoid paying National Insurance Contributions for their 10 employees.
As predicted, chancellor George Osborne included in his Emergency Budget speech the introduction of an initiative which means start-up employers will not have to pay the first £5,000 in NICs during the first 12 months of employment. It will apply to the first 10 members of staff hired in the first year of business and around 400,000 companies will benefit.
The government has promised that the scheme will come into force no later than September with any new business set up from 22 June which meets the criteria to benefit.
The initiative, which has not yet received a name, has been established to encourage the creation of private sector jobs in regions reliant on public sector employment hence why London, the South East and Eastern England have been excluded.
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