Our Accountancy Blog

Tony Shackleford

Tony Shackleford

Chartered Accountant offering support to Limited companies and the self employed.

In another step to move away from a standardised UK taxation system, Northern Ireland will be setting a corporation tax rate at a level considerably lower than that of the rest of the UK. 

Had to check my diary to see if it was the 1st April today. Rather suprisingly it was not, hence the article read today in a taxation magazine must be true. The article stated that from April 2016 Scotland will have its own rate of income tax, which is likley to be 2% lower than the rest of the UK, at 18% for basic rate taxpayers.

 

The Government’s ‘triple tax lock’ prevents increases in many taxes, including employee and employer National Insurance Contributions. Employee NIC contributions are currently 12%.

However this means that self-employed National Insurance Contributions are fair game. It may be the case that the Government sees scope for a tax increase, by changing the rate of self-employed NIC contributions. Perhaps we might be looking at an increase from 9% to a figure similar to that being paid by employees of 12%.

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