Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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National Insurance Contributions

Home/Blog/National Insurance Contributions

The consequences of higher employer’s national insurance contributions

January 2, 2025Employment Tax, National Insurance ContributionsLeave a commentadmin

The impact of the Budget’s increases in national insurance contributions (NICs) are not limited to employers. There were three main changes to employer’s NICs announced in the Budget, all of which will take effect from…

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Double hit for employers

November 8, 2024Employment Tax, National Insurance Contributions, National Living Wage, National Minimum WageLeave a commentadmin

The October Budget was not particularly kind to employers, with the cost of employer national insurance contributions (NICs) going up substantially from April 2025, combined with inflation-busting increases to the National Living/Minimum Wage. Employer NICs…

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The Autumn Budget – a brave new tax world

November 7, 2024Budget, Capital Gains Tax, Corporation Tax, Income Tax, Inheritance Tax, National Insurance ContributionsLeave a commentadmin

Chancellor Rachel Reeves’ first Budget was a significant one in all senses. “…this Budget delivers a large, sustained increase in spending, taxation, and borrowing.” So said the Office for Budget Responsibility (OBR) in the first…

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Tips and troncs – what does it mean for your business?

October 12, 2024Employment Tax, National Insurance Contributions, PAYELeave a commentadmin

Since July, it has been illegal for employers to withhold tips from staff. The payment of tips will probably result in a national insurance contribution (NIC) cost for both employer and employees, but this extra…

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Class 4 NIC reductions benefit the self-employed

July 17, 2024Income Tax, National Insurance Contributions, self-assessment, Self-EmployedLeave a commentadmin

Self-employed workers will see a substantial reduction in their Class 4 national in announced in the 202surance contributions (NICs) for the current tax year after two percentage cuts were 3 Autumn Statement and 2024 March…

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Not in the NIC of time

June 24, 2024National Insurance Contributions, Pensioners, Pensions, self-assessment, Self-EmployedLeave a commentadmin

A useful new web tool has emerged, a little late in the game, in a joint effort from two government departments. In early 2023, HMRC and the Department for Work and Pensions (DWP) found they…

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Electric vehicles can boost income with salary sacrifice

June 13, 2024Employment Tax, National Insurance Contributions, self-assessmentLeave a commentadmin

It may seem counter-intuitive, but taking a pay cut and opting for a salary sacrifice scheme with an electric car can boost take-home pay thanks to tax and national insurance contribution (NIC) savings. Salary sacrifice…

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National Insurance Cut

January 23, 2024National Insurance Contributions, PAYELeave a commentadmin

Employee National Insurance cut announced in the Autumn Statement takes effect (from 6 January). For many years, successive governments have been happy for the public to vaguely believe that national insurance contributions (NICs) are building…

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Incoming NIC reforms for the self-employed

December 15, 2023Income Tax, MTD, National Insurance Contributions, Self-EmployedLeave a commentadmin

National insurance contribution (NIC) changes for the self-employed announced in the Autumn Statement come in from 6 April 2024 and will be welcome news. But the reforms don’t go far enough to offset the continuing…

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Second Tax Day brings change and consultation

May 18, 2023Income Tax, National Insurance Contributions, self-assessmentLeave a commentadmin

The second ever Tax Administration and Maintenance Day (Tax Day) took place on 27 April, with the government publishing a range of technical proposals and consultations. The Tax Day announcements were grouped around simplification and…

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