Start-up businesses in Fylde could be missing out on the chance to claim back thousands of pounds in tax.
David Bennett, tax partner at Blackpool-based Moore and Smalley Chartered Accountants and Business Advisors, says many businesses that started between June 2010 and September 2013 are unaware they could recoup employer National Insurance Contributions for staff they recruit.
Under HMRC’s employer NICs holiday scheme, new businesses may qualify for a deduction of up to £5,000 that would normally be due for each of the first ten employees they take on in the first 12 months.
David Bennett said: “The government’s decision to allow businesses to recoup up to £2,000 in employer NICs from April next year will be a welcome boost for those who are put off recruiting new staff because of the tax implications.”
He said it could add up to a significant sum and advised them to contact their financial advisor to see if they qualify.