NIC meaning

Manolete Partners Plc v Howarth [2025] EWHC 2294 (Ch) What are the practical implications of this case? This judgment marks a significant victory for company directors and a sharp reminder to office‑holders and those pursuing claims on their behalf: contemporaneous records are paramount. The court condemned the failure to retain and produce meeting notes, emails and working papers, noting that gaps in the paper trail can justify adverse inferences. Insolvency practitioners should, therefore, keep meticulous files of the advice provided and the decisions taken. The court also affirmed that directors are entitled to place reliance on insolvency specialists’ guidance. Where a director behaves openly and follows the directions of a CVA supervisor, later accusations of preference or undervalue are harder to sustain. The evidential onus accordingly returns to the applicant, who must prove misconduct with cogent evidence. Further, the ruling indicates that salary‑for‑loan‑swap arrangements can be valid and commercially rational where structured to minimise PAYE/NIC and where they substitute, rather than add to, salary. Finally, the decision sounds a...

In this issue: Wills Probate Trusts UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Wills No line of sight—due execution and presence In the Estate of Kathleen Coady, District Judge Chloë Phillips delivered judgment in Coady v Coady PT-2023-BHM-000025 (Business & Property Courts in Birmingham (Probate)), addressing as a preliminary question whether a coronavirus (COVID-19) era ‘garden signing’ met section 9 of the Wills Act 1837. The court concluded it did not, rendering the 25 April 2020 Will invalid. Written by Charlotte John of Gatehouse Chambers. See News Analysis: No line of sight—due execution and presence In the Estate of Kathleen Coady. Probate...

In this issue: Employment Rights Act 2025 Pensions Protected characteristics Prohibited conduct Maternity, parents and carers Redundancy Employment Tribunals Dates for your diary Trackers Employment resources on Lexis+® LexTalk®Employment: a Lexis®Nexis community Daily and weekly news alerts Employment Law—looking back at 2025 and ahead to 2026 The Lexis+® Employment team have assembled a round-up of the standout employment law developments across 2025, alongside a preview of priorities for 2026, including anticipated movement on the Employment Rights Act 2025 (ERA 2025), the Equality (Race and Disability) Bill, plus forthcoming legislation and notable cases. It also flags themes to watch and highlights items expected to shape practice in the year ahead. See News Analysis: Employment Law—looking back at 2025 and ahead to 2026. Employment Rights Act 2025—what is changing, and when? The Employment Rights Act 2025 (ERA 2025) secured Royal Assent on 18 December 2025 and was released—initially as a pdf only—on...

R&D expenditure credit (pre-1 April 2024) This Practice Note outlines the R&D expenditure credit (RDEC) regime that applies to accounting periods starting before 1 April 2024, subject to transitional provisions. For details of the primary research and development relief available to small or medium-sized enterprises (SMEs) for periods beginning before 1 April 2024, see Practice Notes: SME R&D relief—additional deduction (pre-1 April 2024) and SME R&D relief—tax credit (pre-1 April 2024). Collectively, in this Practice Note, these two arrangements effective before 1 April 2024 are called the pre-1 April 2024 schemes. For guidance on the reliefs that generally apply to accounting periods commencing on or after 1 April 2024, see Practice Notes: The merged R&D expenditure credit (post-1 April 2024) and Enhanced relief for loss-making R&D-intensive SMEs (post-1 April 2024). What is the pre-1 April 2024 R&D expenditure credit? Refer to the Practice Notes mentioned for the relevant guidance...

What is disguised remuneration? For many years, HMRC has worked to ensure that rewards arising from employment are correctly brought within income tax and National Insurance contributions (NICs), deducted by employers through the pay as you earn (PAYE) regime. To support this objective, the Finance Act 2011 introduced the disguised remuneration rules, designed to address the use of Employer Financed Retirement Benefit Schemes (EFRBS), Employee Benefits Trusts and other forms of ‘disguised remuneration’, so that receiving benefits is no more advantageous than taking a wage. The legislation places a PAYE duty on the employer and/or trustees of pension arrangements to collect income tax and the related National Insurance Contribution (NIC) charges. It also serves as a clear warning to employers and the promoters of tax avoidance schemes that contrived pay structures intended to avoid, defer or lessen income tax liabilities will face robust challenge. When the draft provisions were published in December 2010, they attracted significant criticism because of their broad scope and the risk that they...

FORTHCOMING CHANGE : Following the Budget 2025 announcement on 26 November 2025, the government is progressing legislation through the National Insurance Contributions (Employer Pensions Contributions) Bill to restrict the level of salary sacrifice pension contributions that qualify for National Insurance Contribution (NIC) relief to £2,000 per year. Any pension contributions above £2,000 made via salary sacrifice will, for NIC purposes, be treated in the same manner as other employee workplace pension payments; that is, primary and secondary Class 1 NIC charges will apply to those contributions. This reform is scheduled to take effect from 6 April 2029. The Bill leaves the detailed rules to be set out in regulations. For additional detail, see News Analysis: Bill to limit NIC relief passes Second Reading in Commons despite opposition and Practice Note: Salary sacrifice NIC relief to be capped at £2,000 from 6 April 2029, below. What is salary sacrifice? Salary sacrifice is an arrangement in which an employee gives up entitlement to a portion of their taxable pay...

1 Introduction 1.1 This policy outlines the Company’s rules for claiming back travel, accommodation and other costs you incur while undertaking Company business. It also explains how to submit claims, the supporting evidence required, and the level of approval you must obtain. 1.2 This policy applies solely to employees. It does not cover agency workers, suppliers, consultants, contractors, volunteers, interns or casual workers. 1.3 The Company will repay all reasonable costs incurred in line with this policy. Any expenses claim that is dishonest, or breaches this policy, may result in disciplinary action. 1.4 This policy is not part of any employment contract and the Company may amend it at any time, for example to reflect changes in procedures or expense thresholds. You will be informed in writing of any amendments. 1.5 When reimbursing expenses, the Company will comply with its obligations regarding PAYE deductions for income tax and National Insurance contributions...

1 Seller Share Options 1.1 This provision shall apply in connection with the Seller’s receipt of a valid notice of exercise issued by any Transferring Employee and relating to any option or options granted under any share incentive scheme run by the Seller or any member of the Seller’s Group (the Exercise)...

[ Enter name and address of employee ] [ Enter date ] Dear [ enter name ] Termination of employment by payment in lieu of notice in instalments [ Following our conversation earlier today, I OR I ] am writing to inform you that [ enter name of Employer ] has chosen to invoke its right (pursuant to clause(s) [ enter clause number(s) ] of your [ service agreement OR contract of employment ] dated [ enter date ] (called in this letter the [ ‘Service Agreement’ OR ‘Contract’ ]) ) to end your employment with immediate effect by issuing this written notice and arranging a payment in lieu of notice to be paid in instalments (the aggregate of those instalments is referred to in this letter as the ‘Payment’). [ This letter also refers to various other terms as defined in the [ Service Agreement OR Contract ] ]...

Where an employee may hold potential claims against their employer under the Employment Rights Act 1996 (or under other employment legislation), or might otherwise have a claim for breach of contract, the parties can, in most circumstances, enter into a settlement agreement (previously called a compromise agreement) to bring the employment to an end on the terms specified in that document. Among other matters, the settlement agreement will set out and govern all sums and benefits due, or to be provided, to the employee by the employer...