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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.
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Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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