So Christmas is around the corner and the geese are being fattened, but before the big day, you are probably thinking about who’s been good to you this year and what to give them.
It is the season of goodwill, but don’t be too generous… or the taxman may come knocking….
If you own a business, you will probably want to reward your staff for their hard work throughout the year, you may be planning a ‘Christmas do’, or planning to slip them an extra something, or even both.
So what can you do which is tax efficient?
To December’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice in your own specific circumstances. We’re here to help!
Abolition of Class 2 NICs delayed
On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018.
The delay will allow time for the government to engage with interested parties and Parliamentarians with concerns relating to the impact of the abolition of Class 2 NICs on self-employed individuals with low profits.