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....Bill Longe, a tax expert at accountants RSM, said the gold bullion scheme dates back decades. “People used to be paid in all sorts of assets – hay, wine, Persian carpets, Turkish lira, gold bullion, platinum – all these arrangements were freely available and a means of avoiding tax and National Insurance contributions on bonuses. ... [Read full article on Guardian ]
Monday 7th of August 2017 05:33:52 PM
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Latest Finance News related to National Insurance

Payment in gold bullion banned under new law to combat tax evasion image
Source : Guardian [Read Article] Monday 7th of August 2017 05:33:52 PM
....Bill Longe, a tax expert at accountants RSM, said the gold bullion scheme dates back decades. “People used to be paid in all sorts of assets – hay, wine, Persian carpets, Turkish lira, gold bullion, platinum – all these arrangements were freely available and a means of avoiding tax and National Insurance contributions on bonuses. ...
Jeremy Corbyn could rip away YOUR state pension: Labour set to 'means-test' key benefit image
....This has forced politicians from all parties to look at ways of reducing the enormous cost to the state and yesterday the new Work and Pensions Secretary David Gauke announced plans to increase the state pension age to 68 far sooner than expected. A leading expert today said the current system - where you pay National Insurance contributions for a minimum of 35 years and are then entitled to a new, flat rate full state pension of £159. ...
State pension benefits rich and UNFAIR on ill or manual workers, says ex-pension minister image
....The state pension takes no account of differences in occupations, life expectancy or social classes, said Ms Altmann, who served under David Cameron between 2015 and 2016. Writing in City AM, the former minister said: "National Insurance amounts to a significant percentage of salary for most people, but anyone who does not live to the starting age for state pension will get nothing from this. ...
'Reduce firms' National Insurance payments' image
Source : BBC [Read Article] Wednesday 31st of May 2017 11:26:26 PM
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The financial benefits of getting married in retirement image
Source : Daily Express [Read Article] Tuesday 23rd of May 2017 07:53:00 PM
....Separate research from Retirement Advantage shows that most approaching retirement do not know how much state pension they will get. Pensions technical director Andrew Tully said people need to check their forecast: “What you get depends on how many qualifying years of National Insurance contributions you have made, with a minimum 10 years to receive anything. ...
Government borrowing at three-year April high image
Source : BBC [Read Article] Tuesday 23rd of May 2017 09:24:08 AM
....The total changed after VAT receipts were revised upwards by £1. 7bn between January and March and tax and National Insurance contributions paid in during March were revised upwards by £0. ...
Conservative manifesto: Theresa May targets mainstream Britain' image
Source : BBC [Read Article] Wednesday 17th of May 2017 09:26:25 PM
....Launching the Conservative manifesto, Mrs May said a strong economy and delivering Brexit were top priorities. The manifesto drops the 2015 pledge not to raise income tax or National Insurance and has big changes to social care funding in England. ...
State pension chaos: Near impossible to know entitlement, say experts image
Source : Daily Express [Read Article] Thursday 11th of May 2017 01:07:00 PM
....". Mr Cameron added: "They or their employer could choose to give up or ‘contract out of’ the earnings related part in return for part of their National Insurance contributions being paid into a private or workplace pension to boost their entitlements there. ...
General election 2017: Labour rules out tax rises for 95% of earners image
....Asked whether the party would reinstate the 50% income tax rate on earnings above £150,000 a year - the current rate is 45% - he said Labour was planning to determine the level in the coming week. But he said there were no plans for a rise in employers' National Insurance contributions or to change those products which are "zero rated" for VAT - with the exception of fees for private schools. ...
General election 2017: Tax lock is bad policy, says IFS image
Source : BBC [Read Article] Monday 1st of May 2017 12:20:26 PM
. Politicians should avoid any election pledges on a "tax lock" which would rule out rises across three major taxes - income tax, National Insurance and VAT - a think tank has said. ...
General election 2017: May says Tories would not raise VAT image
Source : BBC [Read Article] Sunday 30th of April 2017 09:26:03 AM
....Theresa May says a Conservative government will not raise VAT if she wins the general election. But the PM declined to back a 2015 Tory pledge that also ruled out rises in income tax and National Insurance. ...
Arrests as Newcastle and West Ham raided in £5m tax probe image
Source : BBC [Read Article] Wednesday 26th of April 2017 09:26:01 AM
....HM Revenue and Customs (HMRC) deployed 180 officers across the UK and France. The BBC understands the suspected income tax and National Insurance fraud amounts to £5m. ...
Cycle courier wins holiday pay battle image
Source : BBC [Read Article] Friday 24th of March 2017 12:17:29 PM
.... . That has raised the prospect of whether the self-employed could be given more rights in return for paying higher National Insurance contributions. ...
Government borrowing falls in February image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:02:34 AM
....The ONS said corporation tax receipts had risen by 21. 3% in the first 11 months of the financial year to just over £50bn, while income from tax and National Insurance contributions rose by 6. ...
NICs U-turn image
Source : BBC [Read Article] Wednesday 15th of March 2017 05:19:09 PM
. Reality Check verdict: About 80% of self-employed workers will pay less National Insurance from April 2018, with the rest seeing no change after the government abandoned changes announced in the Budget. ...
Pension trick could see Britons rake in HUNDREDS of pounds EVERY MONTH if done by April 5 image
.... Compared with rates on annuities - retirement products that work in a similar way - payouts are two or three times higher, according to former pension minister and Royal London policy director Steve Webb. Anyone who reached state pension age before April 6 2016 now has just three weeks to pay Class 3A National Insurance and receive the extra income, which also provides a 50 per cent survivors payout when the pensioner dies. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
Savers and Pensions: How the Chancellor's spring BUDGET plans can affect you  image
Source : Daily Express [Read Article] Sunday 12th of March 2017 03:23:00 PM
....”. The Chancellor’s controversial new National Insurance hike for the self-employed and cuts to their tax-free dividends allowance is not set to come into force until April 2018, which is when things could turn really ugly. ...
Budget 2017: Self-employed 'tax raid' a 'rookie error' image
Source : BBC [Read Article] Saturday 11th of March 2017 09:22:56 AM
....Chancellor Philip Hammond's "tax raid" on the self-employed in the Budget has been described as a "rookie error" by former Tory chancellor Lord Lamont. He told the BBC the Conservative election pledge not to increase National Insurance, income tax and VAT was a "mistake". ...
Budget tax rise image
Source : BBC [Read Article] Thursday 9th of March 2017 01:40:23 PM
....The most controversial measure announced in the Budget was the tax rise facing more than a million self-employed people. Chancellor Philip Hammond announced an increase in the National Insurance rate for the self-employed, with one rise taking effect next April and another increase due in April 2019. ...
Budget 2017: Squeeze on family finances 'extended until 2020s' image
Source : BBC [Read Article] Thursday 9th of March 2017 07:40:05 AM
....On the big controversy of the day - the tax rise for the self-employed - the Resolution Foundation supports the government. "The chancellor is right to begin tackling the unfair and expensive tax advantages enjoyed by self-employed workers by increasing the rate of National Insurance contributions they make," the organisation said yesterday. ...
Budget: UK Plc gives its verdict image
Source : BBC [Read Article] Wednesday 8th of March 2017 04:07:53 PM
....Firms needed support amid "such economic and political uncertainty". The rise in self-employed National Insurance rates was also criticised. ...
Budget: National Insurance rise criticised image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:42:03 PM
. Rises in National Insurance Contributions (NICS) for self-employed workers have been criticised as "penalising entrepreneurs". ...
Budget: Does NI rate rise break a pledge? image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:04:52 PM
. The claim: The government's increase in National Insurance contributions is a breach of its 2015 manifesto. ...
Budget 2017: What it means for you image
Source : BBC [Read Article] Wednesday 8th of March 2017 02:09:53 PM
....So here is how it could affect you. The main National Insurance contribution rate paid by the self-employed will rise in the next few years. ...
Budget 2017: What it means for YOU? Self-employed, savers, pensioners, and motorists image
....It means savers will be able to earn up to £3,202  in interest over the three year term, but this is just an extra £6 a year more than they could get on the open market. National Insurance increases for self-employed. ...
Grandparents 'saving working families billions in childcare costs'  image
Source : Daily Express [Read Article] Tuesday 21st of February 2017 12:01:00 AM
.... . Under the rules surrounding specified adult childcare credits, if a mother goes back to work after the birth of a child she can sign a form that allows a grandparent, or other family member, to receive National Insurance (NI) credits for looking after the child. ...
'There's a danger of a generation who can't afford to retire' image
Source : Guardian [Read Article] Monday 23rd of January 2017 08:05:59 AM
....The new state pension – available to men born on or after 6 April 1951, and women born on or after 6 April 1953 – is currently £155. 65 a week to those who have paid 35 years of National Insurance. ...
Grandparents missing out on tax credits that would boost their pensions image
Source : Daily Express [Read Article] Wednesday 18th of January 2017 12:01:00 AM
.... . Under the rules surrounding specified adult childcare credits, if a mother goes back to work after the birth of a child she can sign a form that allows a grandparent, or other family member, to receive National Insurance (NI) credits for looking after the child. ...
Rising retirement age means that smart saving is more important than ever image
Source : Daily Express [Read Article] Sunday 8th of January 2017 12:01:00 AM
....The payout would be lower to refl ect the fact that they will be claiming the state pension for longer. This could be further reduced because workers need 35 years of National Insurance contributions to claim the full state pension, and those who have to retire early may not manage that. ...
Autumn Statement shows cost of casual work 'gig economy' image
Source : BBC [Read Article] Thursday 24th of November 2016 12:08:35 AM
....But he added: "The loss in tax revenue for the government is not because self-employed workers are paying much less. The real differential is because the employer is no longer paying National Insurance Contributions (NIC). ...
Fears Philip Hammond will launch workers tax raid in Autumn Statement image
Source : Daily Express [Read Article] Monday 21st of November 2016 04:22:00 PM
....Free gym membership, health checks, phone contracts and other job perks are expected to be hit, as Philip Hammond tightens the rules around salary sacrifice schemes offered by employers. Under the system, employees can save on tax by receiving non-cash benefits from work, while companies reduce National Insurance contributions. ...
Autumn Statement 2016: Financial upheaval ahead for families image
Source : BBC [Read Article] Friday 18th of November 2016 05:29:06 PM
....And there's speculation that on Wednesday the chancellor may bring forward that new threshold. For the least-well-off families, changes to National Insurance might be more helpful. ...
Concentrix: Tax credits firm in 'data protection breach' image
Source : BBC [Read Article] Wednesday 12th of October 2016 12:37:23 PM
....A US firm used by the government to cut tax credit payments has suffered a data protection breach, it is claimed. Facebook campaign group Concentrix Mums believe around 100 claimants have been sent information such as bank statements, self assessment details and National Insurance numbers of others. ...
Baby-sized pension? image
Source : BBC [Read Article] Friday 23rd of September 2016 08:59:52 PM
....So if you are a full-time parent, ask yourself this: Could I survive on an annual income of £8,000 in retirement?. That is roughly what the state pension currently pays out, if you have 35 years of National Insurance (NI) credits. ...
SPECIAL INVESTIGATION: Fraudsters who prey on the disabled image
Source : Daily Express [Read Article] Monday 5th of September 2016 04:01:00 PM
....org. “I filled in my details, including my National Insurance number and was surprised there was a £49 fee. ...
EXCLUSIVE: Millions suffer state pension CONFUSION as 100,000 await Gov rejection letters image
. Eight out of 10 Britons don't know how many years of National Insurance (NI) contributions are needed to qualify for the full welfare payment, research by pension provider Aegon found. ...
Student debts wipe out most graduate pay premiums - report image
Source : BBC [Read Article] Sunday 31st of July 2016 12:17:47 AM
.... is further undermining the value of a degree," it adds, with some previously low-to-median paid posts now requiring degrees. "Our research proves that the current £100,000 graduate earnings premium so often touted equates to an 'annual bonus' of just £2,222 over 45 years of work and is wiped out once National Insurance and income tax are taken into account. ...
Weekend tax credit and tax payment deadlines alert image
Source : BBC [Read Article] Friday 29th of July 2016 09:00:12 PM
.... The tax credit helpline - 0345 3003900 - is open until 20:00 BST on Saturday and Sunday. To renew, they will need their renewal pack, their National Insurance number, their and their partners total income for the tax year to April 2016, the 15-digit number on their renewal pack, and details of any changes to their circumstances, such as working hours and children. ...

NHS heavily criticised for lack of ambition to reduce bed-blocking
 image
Source : Telegraph [Read Article] Thursday 21st of July 2016 11:01:00 PM
....”. The PAC report comes a day after the Department of Health published its accounts for 2015-16, which revealed that ministers raided nearly £1 billion from money set aside for health infrastructure projects, as well as a last-minute £417 million from the National Insurance Fund. ...
More than 100,000 to be told they don't qualify for state pension: Are YOU affected? image
....Retirees are entitled to a flat-rate of up to £155. 65 a week, but only if they have paid at least 35 years of National Insurance (NI) contributions. ...
EU blamed for workers paying most tax in 15 years – meaning they only get paid from today image
....”. The ADI has argued the National Insurance contribution threshold should be raised to £11,000, allowing the UK's lowest paid workers to keep more of their salary. ...
Have YOU been affected? How one single cut-off day could leave retirees £11,000 worse off  image
....Under the new state pension introduced on April 6, retirees are entitled to a flat-rate of up to £155. 65 a week, provided they have paid at least 35 years of National Insurance (NI) contributions. ...
Paternity leave one year on: ‘I imagined my time to be more freewheeling than it turned out’ image
.... Last year wasn’t the first time that new parents got money from the government. That was 1911, when the Liberals’ National Insurance Act gave mothers a 30 shilling grant to pay for a midwife. ...
First day of new state pension system image
Source : BBC [Read Article] Tuesday 5th of April 2016 11:03:49 PM
....The new state pension will be paid to men born after 6 April 1951 and women born after 6 April 1953. To qualify for any state pension under the new system, individuals will need to have 10 years of National Insurance contributions. ...
The New State Pension: Winners and Losers revealed image
Source : Daily Express [Read Article] Tuesday 5th of April 2016 04:23:00 PM
....65. And to pay for the changes many workers are set to see their National Insurance contributions rise by an average £37 a month, which mean reduced pay packets. ...
New state pension: How much will you get?  image
Source : Daily Express [Read Article] Tuesday 5th of April 2016 03:44:00 PM
.... . But not everyone will get the full pension because it depends on you National Insurance (NI) contributions over the years. ...
11million to lose THOUSANDS in pension laws coming into effect TODAY...are you affected? image
.... Under the new state pension, retirees will be entitled to a flat-rate of up to £155. 65 a week, provided they have paid at least 35 years of National Insurance (NI) contributions. ...
How will the new state pension work? image
Source : BBC [Read Article] Monday 4th of April 2016 04:00:31 PM
.... . To qualify for any pension at all you will need to have 10 years of National Insurance contributions (NICs). ...
New state pension: Millions 'worse off' image
Source : BBC [Read Article] Monday 4th of April 2016 04:00:23 PM
.... This paid an additional income over and above the basic amount of £120 a week. Younger workers will not qualify for the second state pension, even though they will be paying full National Insurance Contributions (NICs). ...
Public 'confused' over pension changes image
Source : BBC [Read Article] Saturday 2nd of April 2016 02:02:35 AM
.... . Usually people will need at least 10 years of qualifying National Insurance (NI) contributions to get any state pension. ...
The 10 changes you need to know about for the new tax year image
Source : Daily Express [Read Article] Friday 1st of April 2016 06:19:00 PM
....9. The new state pension launches - increasing National Insurance contributionsReforms to the state pension have come into force, meaning anyone retiring from April 6 will get a flat-rate payout of £155. ...
How YOUR pay packet will be cut by £37 NEXT WEEK to pay for new state pension image
Source : Daily Express [Read Article] Tuesday 29th of March 2016 12:28:00 PM
. Employees are to see their take home pay cut by up to £37 a month when National Insurance contributions are hiked from April 6. ...
Public sector workers to face pay cut image
Source : BBC [Read Article] Monday 28th of March 2016 09:09:38 PM
....5bn a year. Most of that sum will be raised from public sector employers and employees by higher National Insurance payments. ...
'Too few' understand new state pension image
Source : BBC [Read Article] Sunday 27th of March 2016 12:14:24 AM
....Under the new state pension setup the amount a claimant receives can be higher or lower than the £155. 65 weekly rate depending on an individual's National Insurance record and they will need 10 qualifying years of contributions. ...
There’s a tax the chancellor doesn’t mention: it’s national insurance image
....What’s to be done? Treat us like grownups, scrap NI and raise the basic rate of income tax from 20% to 32%? We can be pretty sure that that budget speech will never be heard. Maybe we should look at returning to the principles behind the original 1911 National Insurance Act, which introduced sick-leave payments, a rudimentary health service and unemployment payments for working people. ...
Budget 2016: Budget sweetener for small firms   image
Source : Daily Express [Read Article] Thursday 17th of March 2016 12:01:00 AM
.... . Class 2 National Insurance contributions for the self-employed are also to be abolished, simplifying their book-keeping. ...
Cuts to Capital Gains Tax announced image
Source : BBC [Read Article] Wednesday 16th of March 2016 03:10:51 PM
. Big changes to Capital Gains Tax (CGT) and National Insurance contributions (NICs) will affect several million taxpayers. ...
Budget 2016: What does it mean for… Small business image
Source : Daily Express [Read Article] Wednesday 16th of March 2016 12:01:00 AM
.... . Class 2 National Insurance contributions will be abolished for 3. ...
What's in store for business? image
Source : BBC [Read Article] Tuesday 15th of March 2016 06:51:53 PM
.... . The contributions employers make to pensions don't attract National Insurance - but it's a form of pay and maybe they should? . ...
George Osborne could target employee benefits in new Budget image
Source : Daily Express [Read Article] Sunday 13th of March 2016 12:01:00 AM
.... . This lowers the National Insurance contributions both employer and employee have to pay and it is believed to be costing the Treasury billions. ...
Deutsche and UBS lose bonus tax case image
Source : BBC [Read Article] Wednesday 9th of March 2016 10:33:45 AM
.... . Under tax rules at the time, shares attracted only a 10% capital gains tax rather than income tax and National Insurance contributions. ...
Is YOUR pension fit for purpose? image
Source : Daily Express [Read Article] Wednesday 9th of March 2016 08:19:00 AM
....65 a week. Not everybody gets the same, you need 35 years of National Insurance (NI) contributions to get the full amount. ...
George Osborne could STILL raid pensions in the Budget after tax relief cuts u-turn image
....". Another option is limiting the practice of "salary sacrifice" where employers make direct contribution to pensions to save National Insurance. ...
Budget 2016: How will pensions change? image
Source : BBC [Read Article] Friday 26th of February 2016 09:34:35 PM
.... Employees agree to take a smaller salary, in return for increased benefits, including pension contributions. This can mean the employee pays less income tax, while the employer saves on National Insurance contributions. ...
How to see if your data is being sold on the 'dark web' image
Source : Telegraph [Read Article] Friday 19th of February 2016 05:09:58 PM
.... • For money tips, tricks and ideas, get our weekly round-up here . Up to six phone numbers, email addresses and bank card numbers can be monitored, along with a National Insurance number and driving licence information. ...
George Osborne will only become Prime Minister if he fixes the deficit image
Source : Telegraph [Read Article] Monday 8th of February 2016 07:40:06 PM
.... The biggest problem is the behaviour of the labour market: to date, it has stunned everybody by the number of jobs it has created, but average earnings have undershot, in part because many lower paid younger and older workers have been added to the workforce. Every 1pc increase in average earnings increases income tax and National Insurance receipts by £4. ...
IFS warns market turmoil could leave black hole in George Osborne's plans image
.... Last week’s Bank of England inflation report downgraded forecast average earnings by more than 1% just since November,” the IFS said. “If average earnings do rise 1% less by 2019–20 than the November forecast, he could expect to lose £5bn of income tax and National Insurance revenues. ...
IFS says Osborne faces tough choices to hit deficit target image
Source : Guardian [Read Article] Monday 8th of February 2016 11:09:36 AM
.... Last week’s Bank of England inflation report downgraded forecast average earnings by more than 1% just since November. If average earnings do rise 1% less by 2019–20 than the November forecast, he could expect to lose £5bn of income tax and National Insurance revenues. ...
George Osborne will not balance books by end of decade, warns think tank image
Source : Telegraph [Read Article] Wednesday 3rd of February 2016 05:00:20 AM
.... The Office for Budget Responsibility (OBR), the Government’s fiscal watchdog, has forecast a budget surplus of £10. 1bn in 2019-20, helped by lower interest rates as well as changes to the way it measures VAT and National Insurance receipts, which it used to relax its austerity drive. ...
52 days left of 66pc pension boost: This is what you need to do now image
Source : Telegraph [Read Article] Saturday 23rd of January 2016 08:15:51 AM
.... Workers who pay higher-rate tax and are about to receive bonus payments . If this money is diverted into pensions via “salary sacrifice”, not only would it attract higher-rate relief but savers would escape National Insurance. ...
The last 'gold-plated' pensions could disappear from large firms 'within a year' image
.... He added that changes to pension rules due in April would hasten the demise. An end of “contracting out” – where a scheme member forgoes extra state pension in return for a notionally higher workplace pension contribution – means companies that run defined benefit schemes will face higher National Insurance contributions if they want to keep their scheme open. ...

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