Class 2 NICs to continue for self-employed

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...

Check your pension savings annual allowance

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. For most taxpayers, the maximum amount of pension savings that qualifies for tax relief each tax year is...

Time to declare offshore income gains and assets, warns HMRC

HMRC is uring UK taxpayers to come forward and declare any foreign income or profits on offshore assess before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any...

What is the 2019 loan charge?

This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The most common schemes were Employee Funded...

What is the 2019 loan charge?

This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April1999. The most common schemes were Employee Funded...