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Gloucestershire Business News

Millions of self-employed face tax sting

Self-employed people will miss out on a tax cut following the government's decision to delay the abolition of Class II National Insurance Contributions (NICs) to April 2019.

Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said: "It's disappointing that an idea first put forward in 2015 is now going to take until 2019 to deliver. This will mean more than four million hard-working self-employed people not benefitting from an expected tax cut of nearly £150 due to the government's delay.

"In the end the system will be simplified for the vast majority of self-employed people, so while the delay is regrettable and costly, I welcome the firm commitment to deliver it in 2019 for them.

"But for others, the minority on the lowest self-employment earnings, action must be taken to mitigate the significant increase they will otherwise face to continue accessing contributory benefits."

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