Making Tax Digital Delayed until 2020

The Treasury have delivered what is potentially good news for many (yes, you have read that correctly).  Making Tax Digital, or MTD to give it its affectionate moniker, has been both delayed and reduced in terms of requirement. For businesses that are VAT registered, VAT returns will still have to be submitted via MTD compatible … Continue reading Making Tax Digital Delayed until 2020

Proposed NIC rise has been dropped!

As mentioned in the recent Budget, the Chancellor had intended to increase the Class 4 National Insurance Contributions (NIC). The NI rate for the self-employed (Class 4) was meant to increase from 9% to 10% in April 2018, followed by another rise to 11% in April 2019. This would have brought NIC for the self-employed more in line with … Continue reading Proposed NIC rise has been dropped!

National Insurance Contributions Top Up Scheme

Those people who reach state pension age prior to 6 April 2016 are being offered the chance to make voluntary national insurance contributions to boost their state pension. The contributions are known as class 3A and the scheme through which the contributions will be collected commenced12 October 2015. It is open to people who reach state pension … Continue reading National Insurance Contributions Top Up Scheme

It’s Not Too Late To Claim Your Employment Allowance

As the beginning of the new tax year is now well underway, we would like to take the opportunity to remind people of a government incentive to save up to £2000 on your PAYE bill. Since April 2014, employers have been able to claim £2000 off their Employer’s National Insurance Contributions. This year, the government … Continue reading It’s Not Too Late To Claim Your Employment Allowance

HMRC To Abolish Employer’s National Insurance Contributions For Under 21s

From 6 April 2015 employer's will no longer have to pay class 1 secondary national insurance contributions (NIC) for employees under 21, whose earnings are below the upper secondary threshold. Under the current regime class 1 secondary NICs are due, from the employer, on payments made to employees in excess of the secondary threshold at … Continue reading HMRC To Abolish Employer’s National Insurance Contributions For Under 21s

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

3 Pointers For Passing Your PAYE Inspection

PAYE compliance visits can be a tricky business and should your business be selected, HMRC will delve into not only the payroll records but also the expenses and reimbursement procedures, benefits in kind, employment status and shareholder-director dividends.  Should they discover errors they can go back up to four years in order to track them. The initial … Continue reading 3 Pointers For Passing Your PAYE Inspection

Summer 2014 Newsletter

The Green & Co Summer 2014 Newsletter is now available. Green Co Summer 2014 Newsletter The focus rests, in particular, on the following areas: Flexible pensions on the horizon PAYE reporting – year two of Real Time Information Increasing ISA limits and the relaxation of some rules Capital expenditure relief doubles £2,000 NIC cut for employers … Continue reading Summer 2014 Newsletter

National Insurance cuts for Employers

In an attempt to promote job creation, it was announced in the Budget 2013, that firms based in the UK would be entitled to a £2,000 allowance towards employer National Insurance Contributions (NIC).  This Employment allowance will come into effect in April 2014 and is estimated to take 450,000 of the UK’s smallest businesses out … Continue reading National Insurance cuts for Employers