National Insurance (NI). The Government has announced they are doing a U turn and will NOT scrap self employed Class 2 NI as planned. This is a fixed weekly amount of £2.95 which was collected by direct debit and was due to be scrapped as a tax break for the self employed. It will now continue to be collected via your tax return in addition to self employed Class 4 NI, which is 9% on profits above £8,424. Please note PAYE Class 1 NI is at 12% of earnings of above £8,424.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 30th August 2024
Following on from the Bank of Englands base rate cut of interest rates to 5% from 20th August HMRC have cut their late payment interest rate to 7.5% from 7.75%