Category Archives: NIC

After one of the more heated consultations in recent years, HM Revenue & Customs has now published revised guidance on the intended operation of the new “salaried members” rules, which counteract what the Government regards as “disguised employment” through the use of LLPs.  The revised guidance addresses some of the concerns raised, highlights HMRC’s highly … Continue reading “Salaried Members” of LLPs: re-categorisation of junior partners

 As widely predicted, the highest (“additional”) rate of income tax will be reduced from 50% to 45% from 6 April 2013. Given that the introduction of the additional rate has not delivered the additional tax revenues expected, it will be interesting to see if this 5% reduction is sufficient to prevent taxpayers from taking steps … Continue reading Reduction of 50% income tax rate and impact on employee share plans

In today’s budget, the Government has stated that it will consider and consult on the recommendations of the Office of Tax Simplification (“OTS”) relating to ways to simplify the tax legislation applying to tax advantaged share schemes in the UK. By way of background, on 6 March 2012, the OTS firstly recommended the introduction of … Continue reading Tax Simplification

Widely anticipated by the newspapers, the Chancellor has announced a targeted NICs holiday of up to £5,000 for each of the first ten employees hired by new employers outside London, the South East and Eastern regions.  Details of this three year incentive are yet to be revealed, but the scheme should be up and running by September. … Continue reading NICs – more questions than answers