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Top Clay Shaw Thomas News

United Kingdom · United KingdomRecent changes to Class 2 National Insurance contributions (NICs) were meant to simplify things for self-employed taxpayers. Instead, some are facing confusion, incorrect charges, and silence from HM Revenue & Customs (HMRC). The rule change that caused the problem From the 2024/25 tax year, most self-employed individuals no longer needed to pay Class 2 NICs, provided their profits were above £6,725. Instead, HMRC now automatically credits these…See the Story
Class 2 NICs – The hidden issue affecting self-employed taxpayers

Taxes · United KingdomThose who have earned interest on their savings are being urged to act now and contact HMRC if they’ve not yet received a letter from the tax authority. Thousands of savers are putting themselves at risk of fines by not declaring owed tax on interest from savings. According to the Association of Taxation Technicians (ATT), recent estimates show that an additional 893,000 taxpayers will have to pay tax on their savings by 2028 to 2029 due to froz…See the Story