Delay to abolition of Class 2 NIC's may add to self-employed tax bill.

Delay to abolition of Class 2 NICs may add to self-employed tax bill.

Delay to abolition of Class 2 NICs may add to self-employed tax bill. Philip Hammond’s first Budget as Chancellor back in March 2017 hit a severe obstacle when he tried to raise national insurance contributions (NICs) for the self-employed. This Autumn’s Budget produced a significantly more subtle approach and had to , given that the…

HSCFS Key Guides Series: April 2017

HSCFS Key Guides series: April 2017 It’s certainly been a busy spring between the Budget in March and now a general election in June. The government has been particularly active in trying to push through its Finance Bill before the dissolution of Parliament. However, the record-breaking 762-page Bill ended up as a mere 148 page Finance…

Inheritance Tax planning – the new residence nil rate band comes in from April… but it’s not straightforward!

Inheritance Tax planning – the new residence nil rate band comes in from April… but it’s not straightforward! It was nearly two years ago that the Conservatives’ manifesto for the 2015 election promised to “take the family home out of tax by increasing the effective Inheritance Tax threshold for married couples and civil partners to…

The scope for salary sacrifice arrangements is to be limited by HMRC.

The scope for salary sacrifice arrangements is to be limited by HMRC. In recent years, the number of employers offering ‘cafeteria’ remuneration has steadily increased. Under the ‘salary sacrifice’ system, employees can swap pay for benefits, which can range from anything from mobile phones through to company cars or gym membership. The advantage of visiting…

HMRC targeting ‘enablers’ of tax avoidance schemes.

HMRC targeting ‘enablers’ of tax avoidance schemes. In August, HMRC published a consultation document on adding a new weapon to its anti-avoidance armoury: penalties on ‘enablers’. While many were enjoying their holidays, HM Revenue & Customs (HMRC) released yet another paper examining ways of “strengthening tax avoidance sanctions and deterrents”. Over recent years, HMRC has…