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Overhaul of Class 2 NICs for self-employed

The new tax year 2015/16 will see a major overhaul of Class 2 National Insurance contributions (NICs) for self-employed taxpayers, marking a significant change in the way self-assessment tax liabilities are collected.

From April 2015, Class 2 NICs will be collected along with other self-assessment tax liabilities, on 31 January following the year of assessment for all self-employed tax payers, warns the Low Incomes Tax Reform Group (LITRG).

Under the new arrangement, Class 2 NICs for 2015-16 will be collected on 31 January 2017.

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