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…
Double hit for employers
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…
The Autumn Budget – a brave new tax world
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…
Tips and troncs – what does it mean for your business?
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…
Class 4 NIC reductions benefit the self-employed
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…
Not in the NIC of time
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…
Electric vehicles can boost income with salary sacrifice
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…
National Insurance Cut
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…
Incoming NIC reforms for the self-employed
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…
Second Tax Day brings change and consultation
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…