Employers looking to take on new staff may wish to consider employing two or more part-time workers rather than one full-time worker. This can save them National Insurance. Employers are liable to pay secondary (employerโs) Class 1 National Insurance contributions on an employeeโs earnings to the extent that they exceed the relevant secondary threshold. For […]
The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is to be introduced and employers will have a legal obligation to adhere to the Code. It will set out the principles of fairness and transparency and will reflect the different
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Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of ยฃ3.45 a week. Non-payment (or credit) could mean entitlement to the state retirement pension (and other contributory state benefits) will be affected unless the individual is also paying Class 1 NIC because they are employed. The majority of self-employed
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset. Deferral of the charge is possible with reference to business assets using ‘hold-over’ relief, thereby avoiding an immediate CGT charge for the donor. The donee takes over the donorโs CGT base cost, increasing any gain on
