The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support.
Our state pension, benefits, health service and more are all funded by National Insurance contributions (NICs). These are paid in different ways and at different rates by employers, employees and the self-employed, and they can also be paid voluntarily.
It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and temporary reliefs, keeping on top of the changes to the usual tax timetable hasn’t been easy.