Latest Blogs in National Insurance Contributions
Ellen Carter
22nd October 2023 Company Christmas Party: Is It Tax-free To Employees?

Businesses and their staff will be looking forward to their annual Christmas party in the upcoming festive months. Providing all of the following criteria are met, the annual event becomes free of PAYE tax and National Insurance contributions for the employee, and is treated as a non-taxable benefit in kind:   The party or similar…

Joe Fretwell
16th June 2023 Reported your employee’s expenses and benefits? 

P11D & P11D(b)  For employers who provide expenses and benefits to their employees, there is now under a month to go to ensure your P11D and P11D(b) submissions have been made with HMRC (6th July 2023).   Payments of Class 1 A National Insurance must be made by 19th July 2023 (22nd July 2023 if…

Harriet Sim
12th June 2023 Mind the (NIC) gap!

The deadline for filling gaps on your State Pension record via voluntary Class 3 National Insurance, back to 2006/07, was originally 5 April 2023. This was extended in March to 31 July 2023, and has today been extended AGAIN to 5 April 2025. So we now have over another 21 months to consider necessary actions.…

Maddie Milner
11th May 2023 Class 2 Voluntary NIC 22/23 Explained

From 6th April 2022 (relevant to 2022/23 tax year) Class 2 voluntary NIC does not have to be paid if taxable profits exceed the Class 2 NIC Small Profits Threshold of £6,725, but do not exceed the Class 4 NIC Lower profits Limit of £11,908.   If your total taxable profit sits in between these…

Harriet Sim
14th March 2023 Voluntary NI Contributions: 2006-2016

Maximising future entitlement to State Pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from July. Initially this deadline was set at 5 April (2023), but it…

Keri John
27th February 2023 Paid enough National Insurance to get your State Pension?

In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions.   If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…

Whitings LLP
23rd January 2023 Sky rugby commentator wins IR35 appeal

Former rugby player and Sky commentator, Stuart Barnes, has won his £695k appeal against HMRC. HMRC determined his contract for Sky from 2013 to 2019 should be subject to Income Tax and National Insurance.   Using previous case law, it was agreed there was mutuality of obligation (MOO) and a sufficient degree of control by…

Harriet Sim
17th November 2022 Autumn Statement: impact on individuals

There aren’t many things that we can all agree on, but the issues that the current Chancellor is facing are without doubt onerous. He has to stick by previously agreed manifesto promises, whilst trying to squeeze the gap in public finances, tackle a soaring high inflation rate and prevent our economy from falling into recession…

Harriet Sim
20th October 2022 Government Announce Further Changes

With a different Chancellor in the driving seat once again, we have seen the government announce further changes since their ‘Growth Plan’, which was delivered on 23 September. In a statement on Monday 17 October, the Chancellor announced a reversal of almost all of the tax measures set out in the Growth Plan that have…

Richard Alecock
22nd September 2022 1.25% rise in National Insurance will be reversed from 6 November

The 1.25 percentage rise in National Insurance will be reversed from 6 November, the Chancellor Kwasi Kwarteng has announced today (22 September).   Chancellor of the Exchequer Kwasi Kwarteng said: Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy. Cutting tax…