home  news  study zone  career advice  pq awards  free mag  advertise  contact  nq mag
PQ magazine is for part qualified accountants.

Read the latest web issue here – if you like what you see sign up today

Latest News



Self-employed tax cuts scrapped

07 September 2018

The Chancellor’s decision to scrap a previously-announced tax cut for three million self-employed workers could cost them an extra £150 per year, says leading accountancy firm Blick Rothenberg.

Partner Heather Self said: “The Chancellor is counting his pennies and this will save him £360m a year.”

The plan was to scrap Class 2 NIC in April, but this was delayed a year and now looks like it has been shelved.

The worry was low-earning self-employed people would pay more to access the state pension, and it would in fact make the tax system more complex.

Some 300,000 self-employed workers earning less than £6,000 are paying Class 2 NICs voluntary, in order to get the state pension. They would have been moved to Class 3 contributions, which would raise their weekly payments from £2.95 to £14.65.

[«all news]
preload preload preload preload
Subscribe to RSS