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NIC Class 1
On or Before Exceptions
The ‘on-or before’ has been an on-going and well-debated issue since the profession realised how many employers would struggle with this in reality. The obligation, courtesy of Regulation 67B in The Income Tax (Pay As You Earn) (Amendment) Regulations 2012, requires us to send a Full Payment Summary (FPS) every time a payment is made [...]
Personal Taxation – Budget Update
2012/13 As previously announced, lower personal income tax allowance for those aged under 65 will increase by £630 from £7,475 to £8,105 from this April, equally, there will be a corresponding reduction in the income tax basic rate limit down to £34,370. The result being that, unlike the situation at the beginning of this current [...]
Autumn Statement 2011 (1) – Pensions, Tax & NICs
State Pension Age The Pensions Act 2011 gave the green light to accelerate the State Pension Age increases to 65 for women from 2018 and 66 for men and women by September / October 2020. Now, we are told that it will be accelerated further to 67 between April 2026 and April 2028. This increase [...]
