Latest National Insurance Contributions

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,…

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…

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…

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…

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…

In 2014 HMRC set up the Employment allowance which was a way of giving back to employers who took on more staff, the way the allowance works is that your employers national insurance liabilities are reduced by the allowance up to £2,000 or by the tax year end which ever was reached first.   Since…

There are a few important dates coming over the next couple of years affecting individual taxpayers, who will be seeing changes to the tax they pay, and how they are required to send returns to HMRC.   6 July 2022 – Increase in National Insurance thresholds The income threshold at which employees and the self-employed…

In April 2022 we saw Employee’s National Insurance Contributions increase by 1.25% from 12% to 13.25%, as part of the Governments Health and Social Care levy. Employer’s National insurance also increased from 13.8% to 15%. From April 2023, the health and social care levy will be paid separately to National Insurance and become a tax…

Normal Statutory Sick Pay (SSP) can be paid to your employees from the fourth day they are absent from work if they meet the following criteria: They are classed as an employee and have done some work for you Earn an average of at least £120 per week Have been ill for at least 4…

On the face of things perhaps no big deal, but in a society that has traditionally seen very small changes to the tax & NI system a 10% rise in one fell swoop is not one to be casually shrugged off.   Assuming current NI banding remains unchanged in the 2022-23 tax year, the budget…