Attempts by the HMRC to collect taxes has resulted in an increase in inquiries raised into tax affairs. When inquiries are raised, Dashwoods can liaise with HMRC and negotiate penalties on your behalf.
Dashwoods can also provide Fee Protection Insurance to cover you against the costs of an inquiry which can easily spiral out of control.
Tax protection
With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
National Insurance Contributions
Individuals
National Insurance Contribution is the money an individual aged 16 and above pays in-order to build up their state pension and other state benefits such as jobseeker’s allowance. The amount of NIC to be paid by an individual depends on their employment status. If you are employed you are liable to pay Class 1 NIC.
If you are self-employed then you pay class 2 NIC at a flat rate and class 4 NIC on profits.
If you are employed, your contributions are deducted by your employer and passed over to HMRC. If you are self-employed your class 2 NIC will be collected via direct debit either monthly or 6 monthly basis. Class 4 NIC will be paid when you pay your Income tax.
Companies
Companies pay NIC on the earnings they give to their employees (Class 1A) and benefits they provide to their employees (Class 1B).
How this may affect you
- You may not be sure how to go about setting up your NIC
- You may not be aware of latest developments concerning PAYE schemes and NIC
- You may not want to get involved with the complexities of PAYE legislation
How we can help you
- We will assist you by running your payroll
- We will ensure that you and your employees are paying the appropriate rate of NIC
- We will assist you to fill in and file your P11D forms
- We will assist you by completing your P45, P35, P60 and P14
Require more information?
If you would like more information or would like to speak to us direct then call us on +441494521687. Or if you would prefer, ask us a question online.