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HMRC clarifies NICs payment rules for directors.

HMRC has updated the guidance on how to work out national insurance contribution (NIC) payments for directors. Directors have to use an annual earnings period to work out their liability for Class 1 NICs. This figure must include all the director’s earnings when working out NICs, including fees and bonuses. Directors are classed as employees …

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Super-deduction: attractive but time limited

The government’s new capital allowance ‘super-deduction’ hopes to boost business investment and productivity, but good planning and record-keeping are essential for businesses hoping to take advantage. It also only applies to companies. For two years from April 2021, companies’ investments in plant and machinery will qualify for a 130% capital allowance deduction, providing 25p off …

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