In most small businesses that I deal with, the yield from national insurance exceeds income tax, but now more detailed records need to be kept for the three tiers of thresholds. The rules are different – and a major factor in the introduction of the controversial IR35 – but the money all goes into the same pot. For a PAYE inspection, two different inspectors are sent out to enforce the separate sets of rules for money collected from the same source.
It’s the equivalent of the old outside toilet.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals