From April 2015, Class 2 National Insurance Contributions (NICS) will be collected along with Income Tax and Class 4 NICs through Self Assessment.
The move is intended to simplify the process and will be a major change for many people that are used to paying their Class 2 NICs by either direct debit (monthly or quarterly) or by direct billing by HM Revenue & Customs (six monthly).
The first Class 2 NICs collected under the new regime will be for the tax year ending 5 April 2016. Class 2 NICs are currently £143 per annum.
Existing direct debits and six monthly bills will cease automatically with the last payments being collected as follows:-
- Last monthly direct debit payment collected on 10 July 2015;
- Last quarterly direct debit payment collected on 10 July 2015;
- Last six monthly bill due up by 10 July 2015
If you have any queries regarding the above changes please not hesitate to contact Jonathan Potter at our office (email@example.com).
The Omagh-based firm, which employs 15 staff, previously sponsored the team between 2000 & 2008, a period in which the school achieved unprecedented success. During that time they won the MacRory Cup on three occasions and claimed the Hogan Cup (the premier prize for colleges in Ireland), for the first time in 2007.
Hugh McAleer, Managing Director of McAleer Jackson, speaking today, said: “We are delighted to be involved in supporting Omagh CBS once again and have demonstrated our commitment to the school with our sponsorship deal”.
Paul Brannigan, Principal of Omagh CBS, emphasised the proud tradition of sporting endeavour and achievement within the school. “However, with the success that we have enjoyed in recent years comes additional expense, and we very much appreciate the support of McAleer Jackson in this regard”.
All parties will no doubt be keen to see a repeat of the success enjoyed last time around.
The photograph shows, L-R; Paul Brannigan (Principal), Kieran Donnelly (MacRory Cup Manager), Cillian McCann (Captain, wearing the new jersey) & Hugh McAleer (McAleer Jackson).
We are pleased to announce our new corporate identity, which incorporates a shortened trading name (formerly McAleer Mullan Jackson).
Managing Director, Hugh McAleer said:-‘The new logo was designed to promote the modern, progressive and professional values of the practice. The design has been simplified, mirroring our approach of simplifying complex financial matters for our clients. Whilst our image is being updated, the key message is that there will be no change to our trademark high quality service’.
McAleer Jackson offers a comprehensive service to clients in a wide range of industries and sectors including farming, retail, engineering, renewable energy and professional services. The firm is at the forefront of local practices, with a total of nine qualified Chartered Accountants within its ranks, backed by a strong team of support staff, trainee accountants and tax advisers.
Our specialist Tax Department, under the guidance of Chartered Tax Adviser Arnold Jackson, offers a range of advice and services in all areas of tax, from Self Assessment and general compliance to Inheritance Tax, Capital Gains and Company Taxation.
The firm also has considerable expertise in Limited Company Formation, IT Consultancy, Corporate Finance and Business Sales/Purchases.
This specialist knowledge has been of great benefit to our clients, minimising their tax liabilities and assisting their businesses grow.
The photograph shows directors Hugh McAleer, Pauline McAleer and Arnold Jackson, along with the staff, outside our premises at Dublin Road, Omagh.
With the UK economy performing better than expected this year, the Chancellor attempted in the Autumn Statement to acknowledge this improvement, but also to continue with the fiscal discipline which had played a part in achieving it.
The Statement contained a few more changes than expected. More detail will emerge over the coming period, including draft legislation for the 2014 Finance Bill. Below is a brief summary of some of the main points.
- The personal allowance will increase to £10,000 in 2014/15.
- The higher tax rate (40%) tax threshold will increase by £415 to £41,865 in 2014/15.
- In certain circumstances, married couples and civil partners will be able to transfer £1,000 of their personal allowance to their spouse / partner in 2015/2016.
- From April 2015, employers will no longer pay Class 1 National Insurance Contributions on earnings up to the upper earnings limit to any employee under the age of 21.
- In October 2015, a new class of voluntary National Insurance Contributions (Class 3A) will be introduced to allow pensioners who reach state pension age before 6 April 2016 to top up their Additional Pension entitlement.
- CGT Private Residence Relief – the final exemption period is halved to 18 months from April 2014.
- Introduction of CGT for non-residents disposing of residential property from April 2015.
- Measures to tackle tax avoidance, including for some types of partnerships and employment intermediaries.
- The overall ISA subscription limit for 2014/15 will increase to £11,880, of which £5,940 can be invested in cash.
This is a summary of some of the main changes for information purposes only. For further details, please contact a member of our Tax Department on 02882 250253, or by email:
Arnold Jackson firstname.lastname@example.org
Jonathan Potter email@example.com
Emma Coll firstname.lastname@example.org
Killian Freehill email@example.com
Further information is also available on the government website, via the link below:
Eugene McCullagh, who has been with McAleer Jackson for three years, has just passed the Final Admitting Examination of Chartered Accountants Ireland. Eugene was also placed in the top 10% in the specialist Taxation paper.
Commenting on Eugene’s recent success, Hugh McAleer stated “It is a testament to Eugene’s hard work and dedication that he has reached this milestone. I am delighted for him. It is also an example of the firm’s commitment to the recruitment and training of high calibre individuals. Eugene will reinforce our trademark high level of professional service.”
Eugene, from just outside Plumbridge, has reached the end of a six year journey that began when he started studying Accounting at Queen’s University, Belfast in 2007. After graduating in May 2010, he commenced employment with McAleer Mullan Jackson the following month, and has undertaken examinations each year with Chartered Accountants Ireland, culminating in the Final Admitting Examination sat in September 2013.
Eugene said “The relief that I feel is just wonderful. It was a long haul, starting all the way back in 2007, to reach this stage, but now that I have crossed the line and passed the FAE, every hour of study put in over these six years has absolutely been worth it. The Chartered Accountancy qualification is such a valuable one and will be with me over a lifetime now”.
This will bring the number of fully qualified chartered accountants within the firm to nine, which puts us at the forefront of local accountancy practices.
Following on from the Finance Act 2013, HMRC have just updated their Inheritance Tax returns:-
– Form IHT 400 (Inheritance Tax account)
– IHT 400 Notes (Guide to completing your Inheritance Tax account)
– Form IHT 419 (Debts owed by the deceased)
The updated forms should be used from now on.
In some cases, IHT returns can be complicated to complete, particularly where there is Inheritance Tax due or Inheritance Tax relief available.
We offer a service to assist solicitors and clients to complete the relevant returns and in some cases it is possible to identify ways to reduce potential exposure to Inheritance Tax, e.g. through the use of Deeds of Variation.
If we can be of any assistance, for further information, please contact our specialist Tax Department;
– Arnold Jackson, Tax Director firstname.lastname@example.org
– Emma Coll, Tax Manager email@example.com
– Jonathan Potter, Tax Manager firstname.lastname@example.org
Please click on the link below to be directed to the page on the HMRC website containing the new forms:-