Tax Zone

Welcome to the Tax Zone. This area of the site is dedicated to keeping you updated on changes to tax legislation and its effects on financial planning. Here you will obtain detailed analysis on the budget, hints & tips and planning opportunities resulting from any changes made. This is intended to be a valuable resource for all our clients who wish to keep up-to-date and have a desire to take control of their financial affairs.

The Partnership always acts in the best interest of our clients. We work hard to ensure you receive the right advice and information enabling you to make the decisions that are best for you.

The content on this website is purely for information purposes only. Decisions should not be taken based solely on the content of the website and advice from a suitably qualified individual should be sought first.

Class 2 NI payment requests

HMRC are currently issuing Class 2 NI payment request letters. Class 2 NIC is paid when trading as a self-employed individual or as a partnership. You should note that should payment not be received in time, they may pass the debt to a collection company thereby substantially increasing the cost.

Should you no longer be trading as self-employed or through a partnership, let HMRC know when you ceased being liable to this tax so they can update their records and correct the value of the debt owing (if any).

Tip - Many people in recent years have incorporated their business as the trade grows. In many circumstances, they forget that Class 2 NIC is being paid via direct debit. This is easy to do as the amount is £2.65 (12/13) per week.

Check your bank statements for this. You may be due a refund.

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