HMRC Latest Updates

Flat rate NI to stay another year

NI for self-employed. As part of a major overhaul of the NI system and its gradual alignment with income tax, the flat rate Class 2 contributions payable by sole traders and business partners was due to be scrapped from 6 April 2018. In early November 2017 HMRC announced that the government is delaying the end of Class 2 until April 2019. For more information, visit this page.

PAYE - New student loan limits

New limits. If you’re an employer you need to be aware that the earnings thresholds at which you’re required to make deductions from an employee’s pay if they have a student loan increase on 6 April 2018. The new annual thresholds change from: £17,775 to £18,330 for Plan 1 loans; and from £21,000 to £25,000 for Plan 2 loans. For more information, visit this page

HMRC - No more credit card payments please

New year finances. If you blow your cash over Christmas and are planning to pay your self-assessment tax bill (due no later than 31 January 2018) with your credit card you’ll be out of luck. HMRC won’t accept credit card payments after 12 January 2018. This goes for all tax payments, not just those for self-assessment. Tip. If you were relying on paying a tax bill due on or after 13 January by credit card, e.g. your PAYE bill for December, you’ll either have to pay earlier or make other arrangements. For more information, visit this page

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