Have contractors just been hummed in the budget
Discussion
Eric Mc said:
If an individual is operating as a contractor through their own limited company, there has been no change as far as NIC is concerned.
Individuals in that situation will be paying Class 1 NI based on their salary from their own company. Nothing has changed there.
The increase in NI relates to Class 4, which is what is paid by Sole Traders/Self Employed and is calculated on their net taxable profits from their sole trading activity. It is also paid by partners in partnerships based on their share of the taxable profit from the partnership.
Time to break out the Dom and bathe in my pile of non sequential twenties! Cheers Eric! Individuals in that situation will be paying Class 1 NI based on their salary from their own company. Nothing has changed there.
The increase in NI relates to Class 4, which is what is paid by Sole Traders/Self Employed and is calculated on their net taxable profits from their sole trading activity. It is also paid by partners in partnerships based on their share of the taxable profit from the partnership.
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