Calls for Cut in NICs to Ease Cost Pressures on SMEs

1
CUT IN NICS CONTACTLESS LIMIT EXTENDS DIGITAL
RIGHT

• Morgan Reach

2
NATIONAL INSURANCE CONTRIBUTIONS

• National Insurance is a fundamental component of
  the welfare state in the United Kingdom.
• It acts as a form of social security, since
  payment of NI contributions establishes
  entitlement to certain state benefits for workers
  and their families.

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3
CUT IN NICs

• A small business lobby group is urging the UK
  government to cut national insurance
  contributions to ease cost pressures on
  employers.
• The FSB reported two-thirds of respondents to a
  survey said their operating costs had risen over
  the past year.
• FSB Chair also calls for SME Brexit Support Fund
  to be revamped and relaunched.

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4
NATIONAL INSURANCE RATES AND CATEGORIES

• An employees Class 1 National Insurance is made
  up of contributions
• Deducted from their pay (employees National
  Insurance)
• Paid by their employer (employers National
  Insurance)
• The amounts deducted and paid depend on
• The employees National Insurance category letter
• How much of the employees earnings falls within
  each band

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5
INCREASE IN CONTACTLESS LIMIT

• The roll out will give customers more flexibility
  when shopping in store.
• For consumers spending more than 100, payments
  like Apple Pay or Google Pay do not have an upper
  limit.
• The national roll-out of the new 100 spending
  limit for contactless card payments will begin
  from 15 October 2021, UK Finance announces today.

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6
DIGITAL RIGHT TO WORK CHECKS

• Physical checks were due to be reintroduced on
  June 21 this year.
• Checks can be carried out using scans of the
  original documents and video call up to April
  2022.
• Employers carrying out right to work checks will
  be able to continue doing them digitally until
  April 5, 2022 following updated government
  guidance.

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7
PREPARING FOR CLOSURE OF THE JOB RETENTION SCHEME

• The Job Retention Scheme is the Governments
  support measure for employers and businesses,
  covering a percentage of salary for staff who are
  temporarily not working in the current situation.
  All employers can obtain grants from HMRC.
• CJRS claims for August can now be submitted and
  must be made by Tuesday, September 14.
• The deadline to amend any claims for August is
  September 28.

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8
Contact Morgan Reach

• Phone
• 0121 236 0777
• Email
• info_at_morganreach.com
• Website
• https//morganreach.com