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The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 with the abolition of Class 2 National Insurance contributions(NIC). What are Class 2 contributions? The payment of Class 2 contributions has enabled a self-employed person to build up entitlement to
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As more people demand immersive and compelling gaming experiences, web apps are becoming the center of the world’s development. Because of this reason, the developers of the gaming industry are exploring a range of boundaries, to develop unique and captivating games. These fascinating games ensure the developers engage a wider range of viewers, due to
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HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total theoretical tax liabilities, or £35.8 billion in absolute terms, in the 2021 to 2022 tax year’. HMRC appreciates that not all this money is purposely withheld (as in fraud or
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Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base via recommendation. A business can also expand by buying a customer list. However, a customer list is usually more than just a list of customer names and contact details. It
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Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth £252 a year. The main reason for not claiming is probably because those eligible are either unaware of the allowance or, if they are aware of it, think they are not eligible.
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HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the scheme does not work and landlords who are tempted by the advertised advantages might find themselves out of pocket. Nature of the arrangements The arrangements are based on the landlord
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