The government have announced that Class 2 NICs, which were due to be abolished from April 2018, will remain for one more year, until April 2019.

The National Insurance Contributions (NICs) Bill will be introduced into parliament for discussion in 2018, but it includes a delayed abolition of Class 2 NICs.

Class 2 NICs,  payable by the self-employed at a rate of £2.85 per week for 2017/18 (£2.95 for 2018/19), will now remain until 6 April 2019, as opposed to 6 April 2018, as originally intended following HMRC consultation.

The delay is to enable government to engage in discussions with various interested parties, in particular on how the abolition will affect self-employed individuals with low profits.

The one year delay will also apply to the revised NIC treatment on termination payments and NICs on sports testimonials.

Links

National Insurance: rates

Self-employed: check your NI record before 5 April

Abolishing Class 2 NICs: consultation response

Termination, redundancy and leaving payments


 

Wouldn’t it be great and think how much TIME it would SAVE you if someone:

  • READ all the latest tax news, case decisions, new legislation and articles in tax and then summarised them for you?
  • Only alerted you to things that are RELEVANT to you?

How about if that someone also:

  • Updated those summaries in REAL TIME for you
  • ADDED examples, planning points, toolkits and calculators, and
  • Linked all that information together and also provided you with CPD?

Thousands of firms of accountants and advisers are already using www.rossmartin.co.uk as their primary TAX resource.

 

Squirrel advert

Loving our content? 😍
Sign up Now!
For free tax news, cases,
discounts & special tax briefings

We hope you are enjoying this amazing Practical Tax Database here at www.rossmartin.co.uk.

 

.