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Remember the NICs!
Key points
- All class 1 National Insurance contributions relate to employment.
- Class 1A contributions are payable in respect of most taxable employment benefits.
- Sole traders and partners pay class 2 and class 4 contributions which must be paid by 31 January following the end of the relevant tax year.
- Class 1B contributions are due in respect of PAYE settlement agreements.
My friend Barney was filing his self-assessment tax return. He used to be employed and now he is self-employed so tax returns are new to him. Barney had estimated his income tax had money put aside to pay the tax due and was almost finished with his return when he called me in a panic. ‘It’s more than I thought. Much more. What have I done wrong?’
I go through his estimate and go through the final return. ‘You forgot to...
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