AccountingWEB.co.uk tax editor Rebecca Benneyworth outlines how the new National Insurance Contributions exemption scheme announced in the Emergency Budget will impact on small businesses.
It has been announced that new businesses outside the London, South East and East regions will be exempt from National Insurance for their first 10 employees. The tax break, which is worth up to £50,000 for 400,000 businesses, is expected to last three years and will allow businesses to avoid NI for 12 months.
The new employer relief for regional businesses was trailed in the general election campaign, and although the plans have not yet been set out in any detail, we now have enough information to understand the scheme as it may impact start-up businesses. Here are the key points:
The scheme will apply to "new businesses", meaning:
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