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Most individuals who are self-employed are required to pay Class 2 NIC. This is a contributory benefit which protects their entitlement to the State Pension. Those who are not liable to pay can pay voluntarily to protect their benefit entitlement.
Changes have been made for the 2015/16 tax year. The amount of the liability will be determined when that person completes their self assessment return. This means that it will be paid alongside their income tax and Class 4 NIC.
Existing direct debit arrangements will cease by July 2015. For those who wish to spread the cost HMRC will retain a facility to enable them to make regular payments throughout the year. For those who do not use this facility the payment date for the 2015/16 liability will be due on 31 January 2017.
Those with small profits will no longer have to apply in advance for an exception certificate. Voluntary payments will continue to be allowed.
And just when we were just getting used to this change the Coalition government, in Budget 2015, proposed the abolition of Class 2 NIC. Class 4 NIC will be reformed to include a contributory benefit test.
Please contact us for further details if this is an area of interest to you.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021.
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.