Improved process for paying voluntary NIC for periods abroad
[ad_1] A person living or working abroad can apply digitally to pay voluntary NIC to fill gaps in their record. A person who has lived or worked abroad may not have enough years of national insurance contributions (NIC) to qualify for the state pension or other benefits. They can fill gaps in their record by […]
Government cuts NIC rates again for employees & self-employed
[ad_1] From 6 April 2024, the headline rate of NIC will fall from 10% to 8% for employees, and from 9% to 6% for the self-employed. The government will also consult on how it will abolish Class 2 NIC. At the Spring Budget 2024, the Chancellor announced cuts to the rates of national insurance contributions (NIC) […]
Off-payroll working (IR35): offsets of tax and NIC
[ad_1] Consultation on draft legislation and guidance for offsetting tax and NIC when an employment status determination is changed to ‘employed’. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as […]
Calculating NIC for directors in 2023/24
[ad_1] ICAEW’s Tax Faculty explains how to calculate national insurance contributions (NIC) for directors this year including where the alternative method is used. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this […]
Car allowances and NIC | ICAEW
[ad_1] HMRC updates its approach on the national insurance contributions (NIC) disregard for relevant motoring expenditure following Upper Tribunal decision. HMRC has published articles in Employer Bulletin and Agent Update following the Upper Tribunal decision in Laing O’Rourke and Wilmott Dixon. The crux of that decision is that where an employer pays a fixed sum […]
Autumn Finance Bill and NIC Bill
[ad_1] ICAEW’s Tax Faculty highlights the key measures included in the Autumn Finance Bill and the NIC Bill. Following the Autumn Statement 2023, the government has published two bills. The Finance Bill 2023-24 (also known as the Autumn Finance Bill) was published on 29 November. The bill reflects changes made as a result of the […]
NIC rate cuts for self-employed and employees
[ad_1] National insurance contributions (NIC) will be reduced to 8% for the self-employed and to 10% for employees, and the flat rate class 2 NIC will be abolished for most self-employed, the chancellor has announced. Numerous changes to NIC rates were revealed in the Autumn Statement 2023. Self-employed NIC – classes 2 and 4 From 6 […]
Deadline to fill gaps in NIC records extended
[ad_1] The deadline for eligible individuals retrospectively to fill gaps in their national insurance contributions (NIC) record for the period from April 2006 to April 2016 is being further put back to 5 April 2025. The government’s announcement on 12 June confirms that this extension will also apply to NIC for all years that reach […]
Employers hiring veterans can claim relief on secondary NIC
[ad_1] Organisations employing former UK military personnel can claim relief on secondary national insurance contributions (NIC) for the first 12 months of a veteran’s civilian employment. The relief is available for any former member of the regular armed service (Army, Royal Navy or Royal Air Force). Guidance states that a veteran is defined as anyone […]