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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 ADM Associates.

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:

  1. Anyone who ceases or becomes liable for Class 2 or Class 3 contributions must notify HMRC immediately.
  2. 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.
  3. 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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Email: mail@admassociates.co.uk

 

Tel: 01473 424525

 

Out of office: 07900447771

 

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News

New online access

Consult our online tips and newsletters, including information about recent changes in taxation regulations.

 

More information

ADM Associates is a trading name of ADM Accountants Limited registered in England and Wales: No.08137260. Registered office: Winnington House, 2 Woodberry Grove, North Finchley, London, N12 0DR

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