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Millions of small business owners will see the amount of tax they pay go up following the Spring 2017 Budget.

Chancellor Philip Hammond announced in his Budget speech, plans to increase the taxes paid by the self-employed and limited company directors.

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National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.

In reality, it is just another tax. In fact, as standard income tax rates have remained constant for many years, NI rates have soared.

In this guide we look at how National Insurance works, and what your National Insurance Contributions (NICs) will be as a small business person. The guide has been updated with the NIC rates for the 2016/17 tax year. Continue…

One of the most annoying parts of running a business is having to hand over a large chunk of your profits to HMRC. Of course, this is a fact of life, and taxation is one area of running a business you really must understand.
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When Lloyd George’s Liberal government first introduced National Insurance (NI) payments in 1911, the aim was to provide a safety-net for workers who fell on hard times.

The scheme took money out of workers’ wages, and in return they could get money from the government to pay for medical treatment, or if they lost their job.
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The table below highlights some of the key dates to look out for when returning paperwork to HMRC. Chances are, your accountant will be well aware of all tax deadlines, however business owners are ultimately responsible for ensuring that tax liabilities are paid on time.
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