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Emma Stevens Accountancy

Chartered Accountant in Hemel Hemstead, Chesham, Kings Langley, Berkhamstead, Hertfordshire

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U-Turn On Self Employed Class 4 NIC Increases

15/03/2017 By Emma Stevens

The Chancellor has announced on 15 March that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution rates for self-employed people.

In the Budget of 8 March 2017, he announced that Class 4 NIC rate for the self-employed would rise by 1% to 10% in 2018/19 and by a further 1% in 2019/20. The proposed increases provoked a widespread outcry, not least because the Conservatives 2015 election manifesto stated “we can commit to no increases in VAT, Income Tax or National Insurance.”

A week later, perhaps appropriately on the Ides of March, the Chancellor issued a letter to MPs saying that there would be no increase to Class 4 NICs “in this Parliament”. However, the abolition of Class 2 NICs will still go ahead from April 2018, meaning that the self-employed will generally see their NICs bill fall from 2018/19.

At Prime Minister’s Questions, Mrs May has said that the government would review areas of difference in the treatment of the employed and self-employed following a forthcoming report of modern working practices being prepared by Martin Taylor.  Mrs May’s comments reiterated a point made by the Chancellor, who also wrote in his letter that “The cost of the changes … will be funded by measures to be announced in the Autumn Budget.”

All data and information provided in this advert is for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Emma Stevens Accountancy Ltd makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information in this ad and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

  • I’ve started to work self employed. What do I need to do?
  • How do I pay my Corporation Tax?
  • How do I pay my Employer’s PAYE?
  • How do I pay my personal tax return?
  • How do I pay my VAT return?
  • When is my personal tax return due?
  • Why do I need to pay a payment on account?

Recent Posts

  • Budget 11 March 2020
  • 2018 Budget Summary
  • 2018-19 Tax Tables
  • Spring Statement 2018
  • Did you know?…… Use of home as office
Emma Stevens Accountancy
14 High Street,
Bovingdon,
Hertfordshire,
HP3 0HG
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01442 831462
info@emmastevensaccountancy.co.uk
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