NATIONAL INSURANCE
NI Contributions – the Change is Imminent!
We always like to keep clients and the general populace abreast of the latest information. So, we have another head's up for you today and this time it's around...
Proposed changes to class 2 National insurance contributions – will this affect you?
From 6 April 2019 the way that class 2 national insurance contributions (NIC) will be assessed will be changing and there will be winners and losers. Currently most class 2...
Class 2 National Insurance Contributions – pay while stocks last!
If you are self-employed and have a deficient national contribution record for state pension it might pay you to pay class 2 contributions in any in date year where you have...
Class 4 NIC
The government has done a U turn and abandoned its proposals to increase the rate of class 4 NIC. The abolition of class 2 NIC from 6 April 2018 will go ahead. Plans as to how...
Trivial benefits in kind and NIC
Broadly, to qualify for treatment as a trivial BinK the following musts be met: A – must not be cash or a cash voucher B - must cost £50 or less C – must not be provided as...
Having trouble with National Insurance numbers (NINOs)?
This seems to be one of those matters that was not thought through at the time! In the summer HMRC started issuing NINOs with a KC prefix. The problem was that these were not...
Directors’ NIC
Beware of the method by which NIC is assessed; it is different from employees! For employees you look at the earnings in an earnings period (week, month etc.) and apply the...
Clarification regarding the employment allowance (for NIC)
To qualify for the employment allowance small employers must have at least one other employee, other than the director, who is paid at a rate of at least the secondary...
Paying class 1A NIC for the year ended 5 April 2016
Remember to use your 13 character Accounts Office reference followed by 1613 to make sure that the payment is allocated correctly. Class 1A NIC is due on benefits in kind...
Paying class 1A NIC for the year ended 5 April 2016
Remember to use your 13 character Accounts Office reference followed by 1613 to make sure that the payment is allocated correctly. Class 1A NIC is due on benefits in kind...
Income tax and national insurance on overvalued shares
Beware that if a company buys back minority holdings discounting for non-influential minority holdings, the PAYE and NIC consequences must be considered. If the sum paid is...
National Insurance Employment Allowance
With effect from 6 April 2016 this will increase from £2,000 to £3,000 but will no longer be available to companies where a director is the sole employee. Where there is more...