From today, employers are entitled to 12 month relief on National Insurance contributions for each qualifying veteran that they hire. The scheme is designed to incentivise employers to hire veterans who qualify for the scheme.
Who qualifies? Employers will be able to claim National Insurance contributions relief on the earnings of qualifying veterans (up to the upper secondary threshold). A person qualifies as a veteran if they have served at least one day in the regular armed forces.
The relief is available to all employers of veterans regardless of when the veteran left the regular armed forces, providing they have not previously been employed in a civilian capacity.
Claiming the relief: Relief will be available from 6 April 2021. From April 2022 onwards, HMRC will put measures in place to enable employers to apply for the relief through PAYE. Further information on how employers will be able to claim the relief will be published later this year.
For further information on how you could benefit, please call us on 0207 971 1175 or email us at: email@example.com
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