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PAYE and NI
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.
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.