Tax cut for Armed Forces veterans employers come in today

A social security contribution for companies employing armed forces veterans goes into effect today.

The Veterans Affairs Bureau says the policy “meets the government’s manifest obligation” and allows employers to apply for social security contribution relief for veterans hired during their first year of civilian employment after leaving the armed forces.

“The move is part of the government’s commitment to make the UK the best place in the world to be a veteran and will help further motivate employers to capitalize on the wide range of skills and experience that former military personnel offers “said a spokesman for the Veterans Affairs Office.

Chancellor of the Exchequer Rishi Sunak said, “Today is another milestone in this government keeping its promises.

“We will always support our veterans who risked their own lives to protect our country, and this tax cut will be a crucial aid in getting them to work after they leave the service. ”

Secretary of Defense, People and Veterans Johnny Mercer said, “Veterans have an immense range of skills and unique experiences to bring to civil life.

“This social security vacation will reward employers for helping our veterans while expanding the employment opportunities for many talented veterans in this country.”

Starting today, employers are eligible for up to 12 months of social security relief when hiring veterans who work in a civilian profession for the first 12 months after serving.

FSB Chairman Mike Cherry said, “This is a loud and clear statement in support of Veterans Employment and it is fantastic to see the OVA announcement today.

“Service graduates have a tremendous amount to offer civilian employers, and we urge every small employer to consider the value that such facilitation can bring to hiring a new employee.

“We have been excited to work with the government and the X Forces on this relief, helping businesses that support service leavers and improve job opportunities during this admittedly difficult time for businesses.”

While the vast majority of ex-military personnel successfully transition into civilian life, some veterans may struggle to adapt. This social security contribution leave is a great incentive for employers to accept veterans. It will support those who have already given so much to this country, and it will help unlock the great skills and potential of our service graduates. “

The facility is available to all veteran employers regardless of when the veteran left the regular armed forces, provided they have not been employed in a civilian capacity since leaving the service. The relief will be available to all qualified veterans each time they leave the armed forces.

Employers can apply for social security contribution relief on the income of qualified veterans. A person is considered a veteran if they have served in the regular armed forces for at least one day. This also applies to people who have completed at least one day of basic training.

Detailed instructions on how employers can reclaim Social Security are available Here.

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