In 2016 the government consulted on a proposed abolition of Class 2 National Insurance Contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits.
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PAYE and NI
Did you know that you can now view your National Insurance record online?
The national minimum wage increased for most age bands and apprentices from 1 October 2016.
Most business owners are aware of the national minimum wage rates of pay, and pay their employees in accordance with this. However, if an employee made a complaint about you, how would you prove the correct amounts were paid?
On the 6 April, the tax personal allowance (the amount you can receive before you pay tax) of everyone born after 1938 increased from £10,600 to £11,000.
Take a look at our Spring 2016 Newsletter. It includes tax planning tips, our chosen charity for 2016 and our latest event details.