News

The modern building structure

Termination Payment Changed Delayed until 2020

HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020.

From 6 April 2020 Employer class 1A NIC will become payable on termination payments in excess of £30,000 and on sporting testimonials that exceed £100,000 (lifetime limit). The changes are intended to align the NIC treatment with the treatment for income tax although there is no NIC liability for the employee on such payments.  Whether or not the £30,000 exemption applies on termination of employment is a complex area and specialist advice should be obtained.

If you need any assistance regarding your NIC’s please contact us on 01295 477 250 alternatively you can email hello@progresswithassureuk.com.

RELATED POST

Venues required by law to record contact details

Venues required by law to record contact details Recording Contact Details The Governments’ new requirements for businesses mean that premises…

Read More >>

Assure UK Celebrates Success at the Cherwell Business Awards

Assure UK Celebrates Success at the Cherwell Business Awards Progress with Assure UK’s sister company; Assure UK, Banbury based audit and assurance…

Read More >>

LITE PLAN

BOOKKEEPING

PRO PLAN

FINANCE DIRECTOR