{"id":799,"date":"2013-05-10T08:00:34","date_gmt":"2013-05-10T08:00:34","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/jack-ross-news\/?p=799"},"modified":"2013-05-10T08:00:34","modified_gmt":"2013-05-10T08:00:34","slug":"limited-partner-national-insurance-contributions","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/limited-partner-national-insurance-contributions\/","title":{"rendered":"Limited partner national insurance contributions"},"content":{"rendered":"<p>Changes to business regulations happen at two common commencement dates &#8211; in April and October &#8211; each year. As well as the headline changes to redundancy consultation periods and employment tribunal procedures introduced this April, changes to national insurance contributions (NICs) for &#8216;sleeping and inactive&#8217; limited partners have also been announced by HM Revenue &amp; Customs (HMRC).<\/p>\n<p>As of 6 April 2013, HMRC confirmed that limited partners will now be required to pay NICs. Consequently, sleeping partners \u2013 those who take no active part in the running of a business \u2013 and inactive limited partners will be required to pay Class 2 and Class 4 NICs on taxable profits, on the grounds that they are self-employed earners.<\/p>\n<p>Key things to consider:<\/p>\n<ul>\n<li>Sleeping and inactive limited partners must now inform HMRC of their self-employed status and arrange to pay NICs, or to arrange exception or deferment. This will be based on individual circumstances<\/li>\n<li>The changes relate to the 2013\/14 tax year beginning on 6 April 2013, and subsequent tax years<\/li>\n<li>Sleeping or inactive limited partners who have not previously paid Class 2 or Class 4 NICs will not be required by HMRC to pay past tax-year contributions<\/li>\n<li>Sleeping and inactive limited partners who have already paid Class 2 and Class 4 NICs for past tax-years will not be entitled to a refund.<\/li>\n<\/ul>\n<p>Commenting on the changes, the Institute of Chartered Accountants in England and Wales (ICAEW) said: &#8220;The Tax Faculty was surprised by this announcement. We are not aware of any previous discussion on the matter. We have raised a number of questions with HMRC about the basis for this new interpretation, and will publish further information for members when we can.&#8221;<\/p>\n<h4>Please talk to us to discuss any queries regarding national insurance contributions.<\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Changes to business regulations happen at two common commencement dates &#8211; in April and October &#8211; each year. As well as the headline changes to redundancy consultation periods and employment tribunal procedures introduced this April, changes to national insurance contributions (NICs) for &#8216;sleeping and inactive&#8217; limited partners have also been announced by HM Revenue &amp;&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/limited-partner-national-insurance-contributions\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Limited partner national insurance contributions<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[20,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Limited partner national insurance contributions  - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Changes to business regulations happen at two common commencement dates - in April and October - each year. As well as the headline changes to redundancy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/limited-partner-national-insurance-contributions\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Limited partner national insurance contributions  - Manchester Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"Changes to business regulations happen at two common commencement dates - in April and October - each year. 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