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The proposal to abolish Class 2 National Insurance Contributions from April 2019 has been dropped.
Class 2 is paid on profits if you are self employed. The rate is £2.95 per week for 2018/19 and £3 per week for 2019/20. Where profits are less than the 'small profits threshold' (SPT), there is no liability, but you can make voluntary Class 2 payments to maintain entitlement to state pension and other contributory benefits. The announcement is therefore welcome news for those using Class 2 in this way. The SPT is £6,205 for 2018/19 and £6,365 for 2019/20.
Rent a room provides tax relief of up to £7,500 if you let out a furnished room in your own home to a lodger. Proposals to restrict the relief by introducing a shared occupancy test were dropped in Budget 2018. The restriction was aimed at those using rent a room to cover short term letting via Airbnb and other platforms, rather than to provide housing. Retaining the original rules will benefit those, say, looking to let out rooms while they themselves are away on holiday.
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The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.
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.