You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01384 295500 firstname.lastname@example.org
The government has announced that plans to abolish Class 2 National Insurance Contributions (NIC) are being put off for 12 months.
Class 2 payments will now continue until 6 April 2019, rather than ending on 6 April 2018. The delay will enable the government to look again at what abolishing Class 2 will mean for just under one million self-employed people whose profits fall below the ‘small profits threshold.’ This threshold is set at £6,025 per annum for the tax year 2017/18, rising to £6,205 in 2018/19.
Those with earnings below this level can at present choose to pay Class 2 in order to maintain a NIC contributions record, and there are concerns that if this option is removed, saving for a State Pension may become less affordable.
Welcoming a possible rethink, the Chair of the Low Incomes Tax Reform Group commented, ‘The abolition of Class 2 NICs will be a significant change to how people contribute to qualify for certain benefits and the State Pension.’
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
The government's Coronavirus Job Retention Scheme (CJRS) begins winding down from 1 July.
The government has confirmed that employers of all sizes in England can now apply for £3,000 in extra funding to help them take on new apprentices.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.