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Tag Archives: NICs

13,769 takers for the NIC holiday; a far cry from the anticipated 400,000!

Small businesses are still turning their backs on the government’s National Insurance Holiday scheme, according to a recent report in the Daily Telegraph.

Should employer provided iPads be exempt from tax and NICs?

Accountants are calling on HMRC to look again at the tax guidance on gadgets provided by employers, after it announced that smartphones would be exempt from tax and NICs.

Employers need clarity over NIC mileage payments

Accountants may be interested in the news that Grant Thornton has been granted permission to take their case surrounding Total People Ltd to the Court of Appeal.

HMRC releases updated tax toolkits to aid online accountants

Online accountants will be interested to learn that HMRC has begun rolling out updated tax toolkits to cover Capital v Revenue Expenditure, Property Rental and NICs and Statutory Payments.

Treasury grossly overestimated NIC holiday take up rate

Contractor accountants may want to explain the National Insurance holiday scheme to their clients after the Treasury has admitted that it overestimated the amount of companies that would take advantage of it.

Employers national insurance to stay as separate entity

In his Budget statement last month, George Osborne, said the government would hold a consultation into simplifying the income tax and National Insurance system with a view to merging the two together.

Accountants are reminded to prepare for payroll year end

The payroll year end is nearly upon us and small businesses and contractor accountants are reminded that it is now mandatory for employers to file P14 and P35 certificates online.

Firms may have to pay deposit to prevent defaulting on PAYE

HMRC is concerned that some employers are deducting PAYE and NIC from their employees but not forwarding the money on to the Revenue. In some cases, the employer will use the money to help his cash flow and in others, the firm goes bankrupt with massive debts and although HMRC is a preferential creditor, there is nothing in the pot to pay it with.