Sorry. You need to upgrade your browser

You are using Internet Explorer 8

This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.

Thank you.

Chartered Certified Accountants
and Business Advisors

01530 267320

Class 2 NIC Confusion – Check your figures!

If you are Self-Employed you need to ensure you have paid the right amount of Class 2 National Insurance Contribution for the 2015 / 2016 period.

The confusion has come about as HMRC continue to run two separate computer systems and when they stopped collecting Class 2 Contributions through Direct Debit in July 2015, the systems didn’t communicate and the data used for creating the tax liability for the period may not include the correct amount of NIC Contributions.  Even though HMRC stopped collecting the Class 2 NIC contributions – the amount continues to be due.

What to do:

You need to check that you have paid the correct amount of Class 2 NIC liability for 2015/2016 period or that it is correctly calculated on your self-assessment form.

Sence are working through our clients to ensure this is resolved.

Remember, non-payment if class 2 NIC may affect the tax-payer’s eligibility for a state pension when they eventually reach retirement age.

If you would like further information on National Insurance Contributions, please contact our Accounts Team on 01530 267 320 or email info@senceaccounting.co.uk

25 Jan 2017

« Back to latest news

Latest news

P11d and P11d(b) Filing and Payment Deadlines

Remember, you need to tell HMRC about any Class 1A National Insurance Contributions (NICs) for the tax year ending 5 A...

Click to read more >

First Soft Drinks Industry Levy return due in July

If you are a packager of drinks that are liable for the Soft Drinks Industry Levy (SDIL) you are required to send a retu...

Click to read more >

Cycle to work scheme

The cycle to work scheme allows your business to provide employees, including directors, with the loan of a bicycle and ...

Click to read more >

Changes in advisory fuel rates from 1 June 2018

These advisory fuel rates apply for all journeys undertaken on or after 1 June 2018. You can use the previous rates for ...

Click to read more >

Do you always have to issue a VAT invoice?

It’s no coincidence businesses that poor records and paperwork are more likely to fail. Tax rules, especially those fo...

Click to read more >

Salary Sacrifice

A salary sacrifice scheme involves an employee giving up some of their gross pay in exchange for something in return, us...

Click to read more >

Help-to-save scheme postponed

The government help-to-save scheme, which was due to be ready on 6 April 2018 has now be postponed and will not be in op...

Click to read more >

New scale for VAT on fuel

HMRC has released details on the flat rate charges for car fuel. If you’re VAT registered you can use the scale charge...

Click to read more >

Tax-free aid

Working from home is becoming increasingly common! There are few special tax provisions to help employees and employers ...

Click to read more >

How can we help?

 

Submit

Testimonial

The team at Sence have been so helpful and understanding from the moment I started to use their services.

Natalie Bancroft
Red Door Studios

Click to read the full testimonial >