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New ophthalmic businesses will benefit from NIC holiday

The Government’s three year national insurance contribution (NIC) holiday is welcome news for many new ophthalmic business start-ups. The scheme is open to businesses that commence between June 22, 2010 and 5 September 2013. It applies to businesses trading in the North West and East Midlands as well as other regions outside London, the South East and East Anglia.

For the first 10 employees taken on in the ophthalmic business’s first year, no employer’s NIC will be payable during their first year of employment (up to a maximum of £5,000 in relief per employee). It should be emphasised that the scheme relates to employers’ class 1 NIC and not employees’ NIC or NIC on benefits in kind.

For example if a new ophthalmic business starts in November 2010 and recruits five employees and a further five more in December the NIC holiday will apply to all the employees. However if one employee leaves and is replaced by employee number eleven, the NIC will not apply to the replacement, as the limit of ten employees will have already been exceeded.

The idea of a boost of up to £50,000 in the start up period of an ophthalmic business is attractive but its quite hard to get the maximum. The ophthalmic business has to be genuinely ‘new’ – you can’t close down and reopen in order to save NIC. Additionally if you purchase an established practice from another optician or if you incorporate an existing ophthalmic business then you will not be entitled to this relief either.

In order to obtain the benefit of the NIC holiday, a claim must be made to H M Revenue and Customs.

For further information regarding NIC holidays or to find out more about our payroll bureau services please contact Desirie Lea on 0151 348 8400 or Allan Jones on 0151 348 8430

Testimonials

  • "Over a number of years Morris & Co have provided me with sound financial and business advice. Their in depth knowledge of my particular sector has proved invaluable and they explain my accounts in a way that is easy to understand. All my questions are answered promptly and efficiently and I really appreciate their level of expertise."
    David Evans, R T Booth & Co Ltd
  • "When appointing an accountant it was very important to me to select someone who was not only knowledgeable but friendly and approachable. I have always received proactive, professional advice and I know that the specialist advice I require to run my business is only ever a phone call away. A VAT full cost and apportionment calculation was recently undertaken for my company. As a result of this, my percentages have reduced, thereby saving me additional money."
    Ian McGarvey, Ian McGarvey Opticians Ltd
  • "Having had dealings with Desirie Lea of Morris and Co from the very inception of my company, I have always been impressed with how approachable everyone has been, from the partners to the receptionists. I had spoken to several accountants before instructing Desirie to take charge of my accounts, and from the first phonecall, Desirie impressed me with her forthright manner and her perceptive analysis of various scenarios I put to her. She is always on the ball and is a pleasure to deal with."
    Lloyd Griffiths, Lloyd Griffiths Limited
  • "Desirie and her team have been acting on my behalf since 2002 and I am delighted with the service they provide. As specialists in the ophthalmic sector, they are able to take away the stress of dealing with the partial exemption calculations for VAT purposes, which is a real bonus. I have regular meetings with them at my premises to discuss strategic issues and plan for the future. Management accounts are prepared on a quarterly basis for my company which includes a detailed analysis/commentary of my trading results. I would have no hesitation in recommending the services of Morris and Co to my fellow professionals."
    Anne O'Loan, Niluain Ltd

Contact Desirie Lea on:

0151 348 8400 or email specs@moco.co.uk for a FREE no-obligation discussion and for information about how we can assist you with your payroll .