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Professional accountants serving the UK and helping small businesses to grow!

Whether you are an expanding company or just starting up, KAMP Accountants is here to help.

With extensive experience working with large and small clients throughout the UK, we support large and small business in a broad range of business sectors with all their accountancy requirements.

More time to pay missing National Insurance Contributions

Newsletter issue – April 2023

In March we reminded you to check whether your national insurance contribution (NIC) record contains any gaps, and how this could affect entitlement to the state retirement pension. The deadline for paying voluntary Class 3 NIC to fill any NIC deficiencies in tax years back to 2006/07 had been set at 5 April 2023.

However, to make the payment of NIC online taxpayers need to call HMRC, and their phone lines have been overloaded with the large numbers of people wanting to pay the class 3 NIC required. As many people have been unable to get through to HMRC, the Government has extended the deadline for payment of class 3 NIC to 31 July 2023, to cover all periods back to 6 April 2006.

This opportunity to pay class 3 NIC for past years applies to women born after 5 April 1953 and men born after 5 April 1951, so roughly people aged up to age 70.Those taxpayers aged under 45 will still have another 22 to 23 years of working life in which to pay class 1 or class 2 NIC, so it is unlikely that it would be economical for them to pay class 3 NIC to complete any existing gap years.

The other piece of good news is that the Government is allowing taxpayers to pay class 3 NIC at the 2022/23 rate (£15.85 per week) until 31 July 2023, rather than the 2023/24 rate of £17.45 per week.

Remember paying voluntary class 3 NIC is effectively an investment decision. You need to decide whether paying extra NIC now will give you sufficient extra state pension over your expected lifetime to make the payment worthwhile.

Check with the Department of Work and Pensions to confirm whether paying voluntary class 3 NIC for particular years will increase your pension: call 0800 731 0175 if you are below the state pension age or 0800 731 7898 if you've reached the state pension age.

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations and projections
  • Annual superannuation certificates for Partners
  • Practice manager training about bookkeeping
  • 2 - 4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning

Recurrent Annual Services based on fixed fee:

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations for Principles and Associates
  • Practice manager training about bookkeeping
  • 2-4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

  • VAT advice
  • Capital gains tax planning
  • Partnership agreements
  • Surgeries finances
  • Pension planning
  • Budget and cashflow planning
  • Inheritance Tax planning

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Medical Practices

Our specialist team provides a wide range of accounting and business services to General Practice.

Recurrent Annual Services based on fixed fee:

Dental Surgeries

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Recurrent Annual Services based on fixed fee: