Class 2 National Insurance voluntary contributions are no more
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement
June 9, 2023
Finance & Accounting
NIC landscape for 2023/24
As far as National Insurance was concerned, the 2022/23 tax year was a tricky one featuring in-year changes to the primary threshold and in-year changes
March 27, 2023
Finance & Accounting
Should I pay Class 2 NIC voluntarily?
Entitlement to the state pension and certain contributory benefits depends on an individual having paid, or been credited with, sufficient National Insurance contributions. To qualify
January 17, 2023
Finance & Accounting
File your tax return by 30 December to pay tax through PAYE
If you need to file a self-assessment tax return for 2021/22, you must do this online by 31 January 2023 if you want to avoid
December 19, 2022
Finance & Accounting
National Insurance and the self-employed
During her leadership campaign, Prime Minister, Liz Truss, promised to reverse the National Insurance increases that took effect from 6 April 2022 pending the increase
November 23, 2022
Finance & Accounting
NIC implications of being both self-employed and employed
With the cost-of-living crisis upon us more people are considering self-employment as well as employment to bring in extra money. This can lead to overpayments
November 3, 2022
Finance and Accounting
What is meant by taking ‘reasonable care’?
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be
August 3, 2021
Self-employment and the £2,000 dividend allowance
All taxpayers, regardless of the rate at which they pay tax, are entitled to a tax-free allowance for dividends. For 2020/21 this is set at
February 5, 2021
What tax do I need to pay by 31 January 2021?
The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a
January 22, 2021
Update on off-payroll working rules (IR35)
The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that someone working like an employee, but through a limited company, pays
September 6, 2020
Grants for self-employed people if your business has been adversely affected after 14 July 2020
Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August
August 22, 2020
Are you a working parent? You might be missing out on £2,000 per child per year towards the cost of childcare.
Tax-free childcare update HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per
September 26, 2019
Using the cash basis – is it for you?
The cash basis is a simpler way of working out taxable profits compared to the traditional accruals method. The cash basis takes account only of
May 1, 2019