NATIONAL INSURANCE - 08.07.2024
HMRC unable to solve Class 2 NI problem
Class 2 refunds. HMRC has issued a warning for anyone who paid voluntary Class 2 NI contributions through their 2022/23 self-assessment and has subsequently received a refund or credit from HMRC. This may have happened if you submitted your 2022/23 tax return before 31 January 2024. You would have paid Class 2 voluntary contributions if your business profit for 2022/23 was less than the small profits threshold of £6,725, and you indicated you wanted to pay them in the self-employed pages of your tax return. ...
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NATIONAL INSURANCE - 21.05.2024
NI refunds: how should clients respond?
A number of self-employed individuals have received a payment from HMRC, seemingly out of the blue. What caused this, and what should you do if any of your clients are affected?
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NATIONAL INSURANCE - 17.05.2024
New service for voluntary NI contributions
HMRC recently launched a new online service to help top up your NI contributions record. Is it something you should consider using?
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BUDGET - 19.03.2024
How does the Budget impact clients?
Following on from January’s reduction in Class 1 NI, the 2024 Spring Budget continued to focus on individual taxpayers. What were the highlights for your clients?
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NATIONAL INSURANCE - 18.03.2024
What’s the NI cut really worth?
Headline figure. The big news in the Budget was another reduction (following that in January 2024) in the NI rate for employees; but sadly nothing for employers. For paydays on or after 6 April 2024, most employees will pay 8% instead of 10% NI on their “band earnings”. ...
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NATIONAL INSURANCE - 27.02.2024
Avoiding problems with directors’ NI following rate cut
The reduced primary Class 1 rate of 10% is now in effect. With just weeks left until the end of the 2023/24 tax year, what should you advise directors to pay for the year?
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