Bespoke Tax Accountants

Specialist tax advice, accountancy and tax returns

01242 505970
info@bespoketax.com

  • Home
  • About Us
    • Meet The Team
    • Careers
    • Statutory Information
    • Privacy Policy
  • Who We Help
    • Personal and Family
    • Business
    • Our Clients
  • News
    • Making Tax Digital
  • Giving Back
  • Contact
  • Cloud Accounting
    • Xero
  • App

Spring Budget 2020 – National Insurance

12th March 2020 By bespoketax

Spring Budget 2020 – National Insurance

The new Chancellor, Rishi Sunak, has confirmed a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500. Plans to meet the manifesto pledge were first confirmed by Mr Sunak's predecessor Sajid Javid earlier this year.

The increase by more than 10% over the current year’s figure of £8,632 will apply to both the employed and self-employed. The government have also pledged to increase the threshold to £12,500 by the end of the current session of Parliament.

This means that from next month some 31 million taxpayers will benefit from this change with a typical employee saving around £104 and a self-employed person, paying a lower rate of National Insurance benefiting from a £78 cut in their NIC contributions.

The cut means that employees earning £9,500 or less will pay no National Insurance whatsoever. The government has confirmed that the threshold changes will not affect low earners’ entitlement to contributory benefits such as the State Pension, with the Lower Earnings Limit and Small Profits Threshold. The working age benefits will also be uprated in line with inflation from April 2020, ending the freeze on these benefits that has been in place since 2016.

Filed Under: Uncategorised

Recent News

  • Government tackles late payment to small firms
  • Rights to regenerate
  • Tax on an inherited private pension
  • IHT Main Residence Nil Rate Band

News Categories

  • Budget Summary
  • Business
  • Capital allowances
  • Capital Gains Tax
  • Construction Industry Scheme
  • Corporate Governance & Regulation
  • Corporation Tax
  • Duties
  • Employee Benefits
  • Employment & Payroll
  • Employment Law
  • Family Tax Credits
  • General
  • HMRC notices
  • Income Tax
  • Inheritance Tax
  • National Insurance
  • NIC & Pensions
  • Overseas personal tax issues
  • Overseas tax issues
  • Payroll
  • Pension
  • Personal
  • Practice News
  • Stamp Duty Land Tax
  • Tax credits
  • Tax Diary
  • Value Added Tax

About Us

Bespoke has a reputation for helping our clients make the most of their financial situations and in turn we have become a trusted extension of their business or family.

Bespoke assist with compliance requirements, providing specialist tax advice, and planning for now and the future.

Keep informed.
Sign up for our Topical Newsletter

Our FREE monthly newsletter will keep you up to date with the latest news related to the world of accountancy.

Register Here

Contact

Delta Place,
27 Bath Road, Cheltenham,
Gloucestershire, GL53 7TH
01242 505970
info@bespoketax.com

ICAEW Chartered AccountantsXERO Gold PartnerChartered Institute of TaxationMember of EISA

Copyright © 2021 · Bespoke Tax Accountants · Website by Culpepper & Co

.
This site uses cookies: Find out more.