CLASS TWO NATIONAL INSURANCE CONTRIBUTIONS are to be abolished after today’s Budget, the chancellor has confirmed.
Class two contributions are paid by self-employed people, including partners in firms, and amounts to £2.75 a week when profits are more than £5,885 a year.
Employer’s NICs for people under 21 was also abolished from 1 April, which the Treasury believes will benefit the employers of 1.5 million young people by £332 per employee on average.
“It’s a welcome simplification as it raises very little tax and is administratively burdensome,” BKL Tax partner Geraint Jones told Accountancy Age.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said