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Understanding Benefits in Kind (BIK) Benefits in kind (BIK) refer to goods and services provided to employees (or their family members) either for free or at a significantly reduced cost. The nature of these benefits and how they are provided can influence the tax and National Insurance Contributions (NICs) to be paid and the reporting
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To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National Insurance credits. Suppose you will not have sufficient qualifying years for a full state pension when you reach state pension age. In that case, you can ‘buy’ additional qualifying years
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Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes it as ‘a company that employs temporary workers who work for different end clients’, where ‘the umbrella will enter into a contract with a recruitment agency that will source work
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