30
Jul
Starting a new business
HMRC have amended the form CWF1 which is completed by those
individuals who have set up a new business either as a sole trader
or as a partner in a partnership. The form is used to notify
liability to Class 2 National Insurance Contributions (currently
£2.40 a week) amongst other things.
Under the revised behaviour based penalties, which apply from
April 2009 anyone becoming or ceasing to be liable to pay Class 2
NICs must notify HMRC as soon as possible. Penalties may be charged
where the liability is not notified by 31 January following the end
of the tax year when they became liable.
Please do get in touch if you would like any clarification of
your position.
Internet link: Form CWF1
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