Tax expert: "Good time for new businesses"

PUBLISHED: 14:00 23 October 2010

Archant

DESPITE the financially tough times, a Weston-based tax expert has said that it could be a good time for entrepreneurs to be opening up a new business.

DESPITE the financially tough times, a Weston-based tax expert has said that it could be a good time for entrepreneurs to be opening up a new business.

John Mayer, who runs accountancy firm TaxAssist Accountants, has said the new National Insurance Contributions holiday is good news for businesses established after June 22.

The regional tax holiday, which came into effect on September 6 is worth up to £5,000 for the first ten employees hired, meaning a maximum saving of £50,000.

Mr Mayer said: “This is good news for local entrepreneurs who have launched their company recently or are planning to do so.

“Small business owners, or anyone contemplating taking the plunge, should ensure they take advantage of this welcome incentive for private sector job creation and apply through Business Link on 0845 600 9006.”

The tax holiday will run for three years, and is designed to encourage the private sector to create jobs in regions seen to be reliant on the public sector.

Some 400,000 businesses are expected to benefit from the scheme across the country.

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