Our last National insurance blog listed the expected national insurance contribution rates for 2024; however, from what has recently been changed in the Chancellor’s Spring Budget for 2024 As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed.
 

The deadline for submitting the 2022-23 forms P11D, P11D(b) and P9D is 6 July 2023. The forms can be submitted using commercial software or via HMRC’s PAYE online service. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer is including such benefits through their payroll.

On 7 September 2021 the government, as part of its intention to reform the care sector and NHS funding, announced a new tax: The Health and Social Care Levy. Initially this will operate as an additional National Insurance (NI) contribution but from 2023 will be a separate tax.

There are many expenses and benefits in kind which will need to be reported, however there are some exemptions for expenses associated with working from home. 

There is now a voluntary facility for employers to put benefits and expenses through their payroll without having to submit a form P11D after the end of the tax year. If you intend to do so for the 2017/18 tax year, you must register with HMRC before 5 April 2017.