HMRC wants more firms to benefit from NIC holiday

Accountants may be interested to learn that HMRC is sending letters to new businesses to encourage them to take advantage of the Employers National Insurance holiday scheme.

The Regional Employer NIC Holiday could save new businesses thousands of pounds and encourage them to take on additional staff members.

Although the scheme is only open to businesses who meet certain criteria, and who are based in specific regions of the UK, it does offer significant savings for companies in manufacturing, service and other key industries.

Businesses that meet the criteria are entitled to a 12-month National Insurance Contribution holiday for each employee, up to a maximum of 10, they take on during their first 12 months in business. The maximum ‘holiday’ per employee is £5,000.

HMRC points out that businesses taking advantage of this scheme could make savings of up to £50,000, a very valuable amount for any new business struggling to get off the ground. So far, at least 6,000 firms have applied to join the scheme and 144,000 new firms will soon receive letters from the Revenue inviting them to partake.

Meanwhile, an increasing number of workers are thinking about leaving their job because of stress.
A study by OPP, the workplace psychologists, has discovered that nearly 30% of employees think their work life is stressful and more than 20% of UK employees regularly consider quitting their post because it is too stressful.

Watching TV or movies seems to big the most popular stress reliever, cited by 66% of the survey’s respondents. 49% surfed the net to relieve stress and 40% said talking to family and friends relived some of the pressures of a stressful work day.

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