Tag Archive: National Insurance
What the National Insurance cuts mean for businesses
Posted 11th March 2024 at 2:24 pm
The Spring Budget further extended the national insurance cuts first announced in last year’s Autumn Statement. In this blog we outline what this means for different types of businesses. What the NI cuts mean for employers In last year’s autumn statement, employee’s national insurance was cut by 2 percentage points from 12% to 10%. This change went into effect on 6 January 2024. The Spring Budget extended this further by reducing the employee national insurance contribution by a further 2 percentage points, bringing the rate down to 8% from 6 April 2024. If you were planning to pay staff... Read more
Taxpayers given more time for voluntary National Insurance contributions
Posted 13th March 2023 at 3:55 pm
The UK government has extended the voluntary National Insurance deadline to 31 July 2023 to give taxpayers more time to fill gaps in their National Insurance record and help increase the amount they receive in State Pension. This comes after members of the public voiced concern over the previous deadline of 5 April 2023. The deadline extension was announced via a Written Ministerial Statement last week and HM Revenue and Customs (HMRC) is urging taxpayers to ensure they do not miss out. Anyone with gaps in their National Insurance record from April 2006 onwards now has more time to decide whether to... Read more
Spring Statement summary
Posted 4th April 2022 at 1:30 pm
With inflation rising and households facing the largest ever recorded cost-of-living squeeze, Chancellor Rishi Sunak recently delivered the government’s Spring Statement. This blog summarises some of the key points that you should be aware of. The treasury predicts that inflation is likely to average 7.4% for the rest of the year, a rise from the current level of 6.2%. This will put further significant pressure on household budgets as the cost of living continues to increase. Local Authorities are to be given a further £500m of funding for the Household Support Fund, which is designed to help the most... Read more
National Insurance Changes for 2021/22: Your essential guide
Posted 9th May 2021 at 12:08 pm
In this blog, we outline the key personal tax changes that you need to know about for the tax year 2021/22. Look out for our other blogs detailing the changes to other types of tax this tax year. The Class 1 National Insurance lower earnings limit remains at £120 per week. However, the Primary Threshold is increased to £184 per week and the Secondary Threshold to £170 per week, while the Upper Earnings Limit is increased to £967 per week. Both the Upper Secondary Threshold for under 21s and Apprentices also rise to £967 per week. The Main... Read more