National Insurance Articles

National Insurance for company directors

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary Threshold. The annual threshold is pro-rated this year following the increase to £12,570 from 6 July 2022 (£9,880 from 6 April 2022 – 5 July 2022). Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce...

Class 1A payment deadline

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a Class 1A employers’ NIC liability. The deadline for paying class 1A NICs is 22 July 2022 if payment is made electronically (or 19 July 2022 if paying...

Deadlines for making voluntary NIC top-ups

In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase entitlement to future benefits, including the State or New State Pension for self-employed persons. You might want to consider making voluntary NICs if: You are close to State Pension age and do not have enough qualifying years to get the full State Pension You know you will not be...

NIC relief if employing veterans

A new National Insurance Contributions (NICs) holiday for employers who hire former members of Her Majesty (HM) armed forces came into force on 6 April 2021.

Self-employed NIC changes

In the recent Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This increase will see the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for

Increase in National Insurance from April 2022

We would like to remind our readers that the increases in National Insurance Contributions (NIC) of 1.25% – first announced last year – will take effect from April 2022. These increases will be ring-fenced to provide funding for the NHS, health and

Gaps in NIC records

National Insurance credits can help qualifying applicants fill gaps in their National Insurance records. This can assist taxpayers to build the number of qualifying years of National Insurance contributions which can increase the amount of benefits a

Class 1 NIC changes extend to Class 1A contributions

It is important to bear in mind that the 1.25% increase in National Insurance contributions (NICs) for 2022-23 will apply to National Insurance Class 1 and Class 4 contributions from April 2022.

Finding your National Insurance number

If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip or P60. You can also login to your personal tax account to view, download, print, save or share a letter

by Gerry Collins

UK tax crackdown: guidance to IR35 legislation changes

UK pharma group GlaxoSmithKline found itself at the centre of a tax crackdown after authorities accused nearly 1,500 of its self-employed contractors of being “disguised employees”. This blog explains the changes to legislation and the HMRC crackdown on standalone contractors and designating them as employees.

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