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) […]
HMRC reminds self-employed taxpayers about end of tax credits
[ad_1] On 6 December 2023, HMRC emailed self-employed taxpayers who are still claiming tax credits to remind them to check their tax credit and self assessment records in advance of migrating to universal credit. After many years, the end of tax credits is in sight. By the end of the 2023/24 financial year, HMRC plans […]
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 […]
ICAEW supportive of expanding cash basis for the self-employed
[ad_1] ICAEW’s Tax Faculty supports the extension of the cash basis, but warns that reliance on it could jeopardise the accuracy of accounting records kept by businesses. ICAEW’s Tax Faculty has responded to HMRC’s consultation on expanding the cash basis. The cash basis is an optional regime for self-employed individuals with turnover below £150,000 to […]
6 tips for online self-employed tax returns this year
[ad_1] With the 31 January online submission deadline to file your self-assessment tax return just days away, now is the time to brush up on how best to do yours with our top tips. A self-assessment tax return is an online or paper form that must be submitted to HMRC each year by anyone who owes tax […]