Lexefiscal

National insurance contributions (NICs) are typically made by employed and self-employed individuals based on their earnings. If individuals have not contributed enough prior to reaching state pension age, they may not be able to claim state pension, or receive the full state pension amount. To protect state pension and other benefits it may be beneficial for people to make voluntary national insurance (NI) contributions to top up their contribution history.
Currently, individuals can fill gaps in their NICs history from 6 April 2006 to the present date by making voluntary contributions.
However, from 6 April 2023, the timeframe for making voluntary contributions will revert to the normal six years. This means that in the 2023/24 tax year, it will be possible to make contributions going back to the 2017/18 tax year only.
Those planning to claim the UK state pension should therefore take the opportunity to check their NI record before 5 April 2023 to identify any shortfalls in their NI history.
If you have any questions regarding your NI record and want to examine how things will change for you, do not hesitate to contact us

HMRC has published the following new guidance on penalty charge for not registering or maintaining trust details:

• When HMRC will issue a penalty charge for not registering or maintaining a trust – explains about when and what penalties HMRC may charge if a trustee fails to register or to maintain details of a trust.
• Pay a penalty charge for not registering or maintaining a trust – explains how to pay a penalty charge for failure to register a trust and keep a trust’s details up to date.
• Ask for a review or appeal against a trust penalty charge – explains the process for asking a review of a penalty charge (£5,000) for not registering or maintaining a trust, or appeal against a penalty decision.

HMRC has also updated its guidance on paying taxes, penalties or enquiry settlements to add a link to the payment method for Trust Registration Service penalty charges.

If you struggle with the registration or think that you can be affected by any of the above, do not hesitate to contact us