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Tax Tip

National Insurance Reforms
The Government has published more information about reforms in the collection of Class 2 National Insurance Contributions (NICs) and how they are to be paid.
 
From 6th April, self employed will pay their Class 2 National Insurance contributions through Self Assessment alongside Income Tax and Class 4 National Insurance contributions. 
 
From April 2015, Class 2 NICs will need to be paid at the end of each year, rather than twice a year, and individuals with earnings below the new Small Profits Threshold (equivalent to the current Small Earnings Exception level) will have the option to pay Class 2 NICs voluntarily at the end of the year, rather than having to apply in advance for an exception.
 
Ramesh Sharma Head of the Payroll Department of ABDS comments:
“The measure will change the structure of Class 2 National Insurance contributions so that only those with profits (chargeable to tax under Chapter 2, Part 2 Income Tax (Trading and Other Income) Act 2005) above a profits threshold will be liable - those without profits or with profits below this threshold will be able to pay Class 2 National Insurance contributions voluntarily.”
 
If you are unsure and need any help and advice on Self Assessment or want the burden taken off your hands, contact the ABDS Tax Department Now. 
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Clear and precise with advice
Timely and cost effective
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Mindful of our client’s long term strategic goals
 
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