National Insurance Articles

What is Class 1A NIC?

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees (e.g. company car). Class 1A NICs are also due on charge on termination awards above a £30,000 threshold. That is if they have not already been subjected to Class 1 NICs deductions. There’s no employee contribution payable for Class 1A NICs. Class 1A NICs are due in respect of most benefits provided to:...

National Insurance and tax after State Pension Age

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay NICs due to be paid to you before reaching the State Pension age. If you continue working, you need to provide your employer with proof...

Changes to NIC from January 2024

A reminder: The government will reduce the main rate of Class 1 Employee National Insurance contributions (NIC) starting from January 6, 2024. This change will see Class 1 NICs reduced by 2% from 12% to 10% in changes set to benefit some 27 million employees. The reduction changes will only apply to annual earnings between £12,570 and £50,270, meaning that the maximum saving is £754 a year. The...

Are you self-employed?

Notify HMRC promptly when self-employed, by October 5 after tax year-end, for timely self-assessment and penalty avoidance. Follow HMRC guidelines...

Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested...

Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails,...

Importing or exporting for the first time?

When engaging in international trade, navigating regulations can be overwhelming. Utilize HMRC’s digital assistant on GOV.UK for guidance on EORI...

Top-line, bottom-line?

Monitoring small business finances involves more than tracking sales; it requires assessing costs, creating forecasts, and analyzing balance sheets. Regular...

Autumn Finance Bill 2023 update

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs....

What is Class 1A NIC?

Employers pay Class 1A NICs on benefits, subject to Income Tax. Special rules and conditions, including no existing Class 1...

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots....

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is for businesses with an expected turnover below £150,000. It involves a fixed percentage of...
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