Now this summer there was a consultation published by HMRC… See Video
Transcription of Video – Click “Read More”
Hello, I’m James McBrearty.
Now this summer there was a consultation published by HMRC talking about simplifying National Insurance. Now at the moment, for the self-employed people there’s two types of National Insurance:
• There is Class 2, that is paid as a weekly amount and
• Then there is Class 4 that’s paid on profit at the end of the year.
And what HMRC are looking at is the possibility of simplifying things so that you pay an National Insurance at the end of the year along with your self assessment tax. It would avoid all the collection problems during the year and just make it simpler for people.
So I’ll be looking at the consultation and I will be reporting back on the results. And if you’d like to be advised of that, please [connect with me on TaxConnections]. I will be posting an update as soon as I hear back from HMRC.
In accordance with Circular 230 Disclosure
James McBrearty is the founder & CEO of taxhelp.uk.com. He is a Fellow of the Association of Taxation Technicians, was featured in their 2009 Annual Review, and also serves on their Member Steering Group. He has been a Certified Accounting Technician since 1999 and has used Social Media in his business since 2008. James is the Author of two books, both of which have been endorsed by a New York Times bestselling author. He has a personal passion for aviation and is a qualified private pilot.
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