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Autumn Statement 2013 Review: Employment Tax and Pensions

December 5, 2013

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Type: Latest Blogs, Manufacturing and Engineering Blogs, Motor Trade Blogs

 

Most NIC rates will remain unchanged next year, although the NIC free thresholds have yet to be announced.

 

An exemption from employer’s NIC will apply to employees aged under 21, with effect from April 2014. They will still be liable to employees’ NIC.

 

The state retirement age is likely to increase to 68 by the mid 2030s and to 69 by the late 2040s, although there are no formal plans in place. The guiding principle is that we should expect to receive the state pension for one third of our adult life.

 

A new class of voluntary NICs will be introduced from October 2015. The payment of Class 3A contributions will increase the amount of additional (as opposed to basic) pension that will be paid on retirement. This will only benefit those reaching retirement age before 6 April 2016.

 

Changes are being made to the company car rules. These will require that any contribution made by the employee for the use of the car will be required to be made before the end of the tax year. The change will be made from 2014/15.

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