Budget stuff, Business Services, Business Tax, Personal tax, Small Business, Taxation

U-turn on NICs rate rise for self-employed

By RJP LLP

U-turn on NICs rate rise for self-employed

The government’s plans to increase business taxation with a rise to national insurance contributions (NICs) for the self-employed have been shelved in what is being described as a very embarrassing policy U-turn for Philip Hammond.

One of the surprise announcements of the Spring Budget 2017, class 4 NICs were set to increase to 10% from April 2018, before rising again to 11% in April 2019.

However, backbench MPs were highly critical of the plans because they breached the Conservative party’s general election manifesto commitment not to increase NICs, income tax or VAT. As a result of the negative outcry from businesses, politicians and individuals alike, the government declared they would abandon the plans. The existing policy to abolish class 2 NICs will still proceed from April 2018.

To discuss any aspect of business taxation, please contact us at partners@rjp.co.uk

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