Can I claim National Insurance relief when hiring a veteran?
What does the new scheme offer?
From the 6th of April, any employer who hires a military veteran in their first year of civilian employment after leaving the armed forces, will not have to pay National Insurance Contributions (NICs). This, therefore, results in any business that hires a veteran being able to save thousands of pounds in employer NICs. In addition to this, any employer who has employed a veteran in the last 12 months would still be able to claim the relief for any qualifying employee.
The scheme was introduced back in April 2021 and was included in the overall incentives to support veterans when trying to find employment. The government has also been rolling out the ‘Great Place to Work for Veterans’ scheme.
Who is the relief available for?
As long as the veteran has not worked in a civilian role since leaving the HM Armed Forces, the relief is accessible to any employer of a veteran, no matter when they left the forces. Each time a qualifying veteran leaves the forces the relief will be available.
What are the benefits of the scheme?
Not only does the scheme allow businesses to benefit from the varied skills and experience of a veteran, for example, great collaboration skills and dedication. It can also on the average salary result in a saving to the employer of £2,567, subject to a maximum of £6,200.
What members of the government have said:
Lucy Frazer, Financial Secretary to the Treasury – “If it wasn’t for our heroic servicemen and women protecting our country, we would not have a United Kingdom to live in”
“That is why as a society we must do all we can to help them when they come home – employers across the UK can benefit from our veterans’ vast wealth of knowledge, skills, and experience to help their organisation grow and thrive.”
Minister for Defence People and Veterans Leo Docherty – “Our veterans have made important contributions to keeping our country safe. The skills they gain during the service are invaluable, and businesses can greatly benefit from their dedication”
“I encourage all businesses to consider hiring veterans and supporting their journey to civilian life after service”
Where to find more information on this?
If you are keen to know more about this scheme, please do get in contact with a member of the team here or call us on 01903 234094.