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We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Future Accounting.
Self-employed NIC penalties
From 6 April 2009 there is a change in the penalty to pay for late notification to the HMRC that you have commenced self-employment.
Up to 6 April 2009 the penalty was £100 and you had 3 months after commencement of trade to let HMRC know.
From 6 April 2009 the rules have been changed as follows:
- Anyone who ceases or becomes liable for Class 2 or Class 3 contributions must notify HMRC immediately.
- A penalty may be levied (between 30% and 100% of the "lost contributions") if notice is not given by 31 January following the end of the tax year in which you become liable.
- There will be no penalty if you have a reasonable excuse for the late notification.
You may find out about other changes in a consultation at our office.
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