Steph
Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
Latest posts by Steph (see all)
- 5 New Year’s Resolutions For Your Business Accounting - January 3, 2019
- Could You Be Due a Christmas Bonus from HMRC? - December 20, 2018
- How Can Businesses Prepare For A No Deal Brexit Scenario? - November 21, 2018
The Government’s plan to abolish Class 2 NICs by April 2019 has been shelved, with no chance of the abolishment of Class 2 NICs taking place during this parliament.
The planned move, which could have benefited self-employed workers earning more than £6,205 per annum, was dropped under the premise that lower earning self-employed workers would have seen their voluntary payments increase significantly.
Find out more about the change, the current rates of National Insurance for the self-employed and how you can ensure you’re paying the correct National Insurance Contributions (NICs).
If you’re a worker or employee over 16 and earning above £157 per week, or are self-employed and generating a taxable profit in excess of £6,025 per year – you will pay National Insurance. The amount you pay depends on your employment status and how much you earn.
As part of the Spring Budget, Philip Hammond announced that the main rate of National Insurance Contributions (NIC’s) for the self-employed would increase, with Class 2 NIC’s being abolished, and Class 4 NIC’s rising to 11% by April 2019.