Tax

March 21 UK Budget Update

INTRODUCTION The Chancellor’s second real budget on the 3rd of March made some important business announcements to try and mitigate the effects of the pandemic and also to start rebuilding the nation’s finances for the future. Below we list some of the most important announcements that will affect individuals and small businesses in Scotland. The …

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Class 2 NI Not Abolished After All!

The government announced the abolition of Class 2 NI last year. https://www.gov.uk/government/consultations/consultation-on-abolishing-class-2-national-insurance-and-introducing-a-contributory-benefit-test-to-class-4-national-insurance-for-the-self-employed/the-abolition-of-class-2-national-insurance-introducing-a-benefit-test-into-class-4-national-insurance-for-the-self-employed However as is so often the case the law of unintended consequences kicked in and this week the government announced that Class 2 would not be abolished after all. One of the consequences of this change was that people with self employed profits …

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