Weekly tax highlights ― 18 November 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

National Insurance Contributions (Secondary Class 1 Contributions) Bill

The UK Government has published a new Bill which will enact the NICs changes set out at Autumn Budget 2024.

The National Insurance Contributions (Secondary Class 1 Contributions) Bill was published on 13 November 2024, and will make the following changes from 6 April 2025:

•
increase the main Class 1 secondary rate of NICs to 15% (up from 13.8%)
•
reduce the Class 1 secondary threshold to £96 / week (down from £175 / week) and set out the monthly and annual equivalent thresholds (£417 and £5,000 respectively)
•
increase the amount of the employment allowance to £10,500 (up from £5,000), and remove the qualifying condition relating to the previous year’s secondary Class 1 liability

These changes were announced at Autumn Budget 2024.

See Simon’s Taxes E8.261, E8.265A.

Making Tax Digital: late-payment penalty anomaly corrected

These Regulations correct an anomaly in the original Making Tax Digital penalties legislation, to make sure that HMRC can assess the second late-payment penalty before

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