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NIC holiday: applications invited

printer Mail

HMRC have invited applications for the ‘regional employer national insurance contributions  holiday for new businesses’ from employers who chose to wait until the National Insurance Contributions Bill was enacted.

The National Insurance Contributions Act 2011 received Royal Assent on 22 March, and new employers can now apply ‘without concern that the criteria might change,’ HMRC said.

‘If your new business started during 2010/11 and you prove to be eligible for the NICs holiday, HMRC will send you a payment for the amount you were entitled to withhold during 2010/11 after they receive your employer annual return (form P35 and form P14s) and employer NICs holiday end of year return [which will be sent to the employer on receipt of the application].’

It is now possible for authorised agents, where HMRC hold a valid form 64-8, to complete the application on a client’s behalf.

Detailed guidance is available on the HMRC website.