The National Insurance Act 2014 makes provisions for the treatment of certain members of Limited Liability Partnerships as employees of the partnership. These draft regulations cover the effects of this on National Insurance contributions.
National Insurance Contributions repayment interest
13 May 2014
Regulations have been published and came into effect on 6 May 2014 regarding the NICs repayment interest provisions arising from Section 101 and 102 of the Finance Act 2009.
These Regulations amend the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004) (“the principal Regulations”) which make provision for the assessment, charge, collection and recovery of national insurance contributions. Regulation 1 provides that these Regulations have effect in relation to amounts which are due and payable in respect of the tax year 2014-15 and subsequent tax years.
View the Regulations and accompanying Explanatory Note
Abolition of National Insurance contributions for under 21s
1 July 2014
HMRC have published a developer brief and some examples of how the abolition of National Insurance contributions for under 21s is intended to operate.
HMRC have published a developer brief and some calculation examples regarding the abolition of National Insurance contributions for under 21s, which takes effect from 6th April 2015.
HMRC explain that the brief and examples have been issued:
“to provide an overview of how the calculations will work and describe how to deal with certain situations in the payroll. Therefore to aid clarity the calculation method does not show all the steps used in the NI Guidance for Software Developers specification. An updated version of the NI Guidance for Software Developers specification with detailed calculation examples and test data is planned for September 2014.”
National Insurance Contributions Bill 2014 published
21 July 2014
The draft National Insurance Contributions Bill 2014 has now been published in Parliament. This includes the proposed new information powers and anti-avoidance measures.
The draft Bill includes legislation relating to the following main measures:
simplifying the collection of National Insurance Contributions (NICs) paid by the self- employed accelerating the payment to the Exchequer of amounts of NICs in dispute in avoidance cases applying new information powers and penalties to high-risk promoters of avoidance a Targeted Anti Avoidance Rule to prevent people from circumventing new legislation tackling avoidance involving employment intermediaries and offshore employers.
CIPP Policy News Journal
08/04/2015, Page 226 of 521
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