When extracting profits from your business, the tax-efficient use of benefits can save income tax and may also reduce your National Insurance Contribution (NIC) liability. Some strategies which could help to save NICs include: • increasing employer contributions into...
NICs are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions. Many strategies for...
