Government Scraps Its Plans to Abolish Class 2 NICs

The government recently scrapped its plans to abolish Class 2 national insurance contributions (NICs). They were originally due to be abolished in April 2018, but the plans were delayed for a year until April 2019. The government has now announced that Class 2 NICs will not be abolished during this Parliament. Former Chancellor George Osborne … Continue reading Government Scraps Its Plans to Abolish Class 2 NICs

Class 2 Voluntary Contributions

Although the self-employed heaved a sigh of relief when the Chancellor reversed his decision to raise the rate of Class 4 NIC recently, other changes in the structure of National Insurance will give cause for concern, particularly for those with low earnings. The abolition of the self-employed stamp (Class 2 NIC) from April 2018 means … Continue reading Class 2 Voluntary Contributions

2016 Budget Review

Following on from the Chancellors 2016 Budget statement, we are pleased to provide you with our summary of all the key points, including: The new Lifetime ISA Cuts for Capital Gains Tax and Corporation Tax The restructuring of Stamp Duty Land Tax Abolishment of Class 2 NIC for the self-employed An increase in the Personal … Continue reading 2016 Budget Review

Deadline Dates – April 2015

1 April 2015 Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment is not made by instalments. Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring-fence profits. Change to emission thresholds for business cars (zero rate ends). Application to defer Class … Continue reading Deadline Dates – April 2015

Paying Class 2 NIC Is Changing

In an attempt to simplify the administration of Class 2 NIC, HMRC have announced changes in the way contributions will be paid from 6 April 2015 onwards. Class 2 NIC (otherwise known as self-employed stamp) is payable by anyone who is self-employed, either as a sole trader or in a partnership. Contributions made count towards … Continue reading Paying Class 2 NIC Is Changing

National Insurance – A Class Act

National Insurance was introduced in the UK as long ago as 1911, initially as a contributory fund to provide benefits in the event of incapacity due to sickness or unemployment.¬†Over the years, the scheme has been broadened to include provision of a wide range of social security benefits, and, in particular, as a way of … Continue reading National Insurance – A Class Act

Year End Tax Planning

Now that the self-assessment filing deadline is past it is time to turn our thoughts to any tax planning measures which need to be implemented before the end of the fiscal year on 5 April. Here are a few tips worth consideration: PENSION CONTRIBUTIONS If you are an additional rate taxpayer maximising the contributions in … Continue reading Year End Tax Planning