A scheme launched on 6th April will mean that businesses will be able to claim relief for any qualifying employees who joined their company in the last 12 months.
Businesses could save £2567 per employee based on the average salary in the UK. The relief is available to all employers of veterans, regardless of when the veteran left the regular armed forces, providing that they have not been employed in a civilian capacity since leaving service.
HR Advice and Consultancy Director, Kate Palmer said: “As the cost of business operations continues to rise, employers can benefit from this new tax-relief system whilst simultaneously helping veterans into employment.
“Organisations are looking at all ways to make savings and ensure their long-term financial viability. As such, this incentive acts as a no-brainer as, essentially, they can benefit twice from the reduced costs and availability of good workers.
“This being said, employers should ensure they conduct their recruitment processes fairly and hire the best person for the job, not just because of veteran status.
“Where a veteran is as equally qualified and suitable for a vacant role as another applicant, employers may choose to hire them.
“However, if another person has more skills, qualifications, or experience, hiring the veteran could potentially amount to positive discrimination, which is unlawful. For example, where a male veteran is chosen over a better qualified female candidate.”