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KRW Tax news

09 March 2017

Class 4 NICs increased to 10% from April 2018 & to 11% from April 2019

on Thursday, 09 March 2017.

While the abolition of Class 2 NICs will go ahead from April 2018 as planned, it was announced that Class 4 NIC on self-employed profits will increase from the current rate of 9% to 10% from April 2018, and then again to 11% from April 2019. However, the higher rate will remain at 2%. As a result, anyone with profits over £16,250 per annum will pay more NIC from April 2018.

28 February 2017

Increases to Minimum Wage and Living Wage from April 2017

on Tuesday, 28 February 2017.

Hourly rates for the National Minimum Wage and the National Living Wage are set to increase from April 2017.

In this month’s Tax News we set out the new rates, and remind readers about the penalties of non-compliance.

01 February 2017

Changes to Flat Rate Scheme for 'limited cost traders' from April 2017

on Wednesday, 01 February 2017.

In 2016’s Autumn Statement, new rules were announced which will force businesses using the flat rate scheme that have limited costs to apply a flat rate of 16.5%.

In this month’s Tax News we take a look at how the new rules will work, who will be affected, and what action should be taken.

25 November 2016

National insurance thresholds aligned for employers and employees

on Friday, 25 November 2016.

In a bid to simplify the current system, from April 2017 the threshold above which NIC becomes payable will be aligned for employees and employers, at £157 per week (£8,164 per annum).

25 November 2016

Insurance premium tax increased from 10% to 12% from June 2017

on Friday, 25 November 2016.

Philip Hammond announced that the standard rate of IPT will be further increased to 12% from June next year, which will inevitably raise the cost of insurance for businesses and individuals.
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