The relief means businesses pay no employer NICs on annual earnings up to £50,270 for the first year of a qualifying veteran’s employment in a civilian role.
The weekly Class 2 NICs – the flat rate compulsory charge which is currently £3.45 paid by self employed people earning more than £12,570 - will be abolished from April 2024. Access to contributory benefits will be maintained and those currently paying voluntarily will still be able to do so at the same rate.
The rate of Class 4 NICs on all earnings between £12,570 and £50,270 will be cut by 1p, from 9% to 8% from April 2024.
Class 1 contributions for employees will be reduced from 12% to 10% from 6 January 2024.
National Insurance update
The government is extending the NICs relief for employers of eligible veterans for one year.
Our Autumn Budget report provides commentary on key announcements, including tax reliefs, infrastructure investments, and job creation initiatives, reflecting the government’s commitment to fiscal responsibility amid pressing challenges. For a useful summary why not read our general or sector specific commentary...
This article focuses on the UK Budget and the impact on renewable energy, covering -
* Energy Investment Vehicle.
* National Wealth Fund investments in the clean energy industry.
* Boiler Upgrade Scheme.
* Warm Homes Plan.
* Home Energy Scotland program.
* Energy profits levy.
* Carbon adjustment mechanism.
Servo Private Wealth, a specialist independent financial planning business, is proud to announce that it has been awarded the prestigious CISI Chartered Firm™ status by the Chartered Institute for Securities & Investment (CISI). This recognition marks a significant milestone in the firm’s commitment to professionalism and ethical standards within the financial services industry and within the local community.
Our Finance Director update courses take place every 6 months and are designed to keep your technical knowledge up to date to help you comply with the ever-changing regulatory environment in the worlds of Financial Reporting and Tax.
With expert speakers from across MHA, this event will focus on the latest developments in Tax, VAT and UK company law & accounting standards.
