What is the primary threshold for class 1 primary NI contributions?
Who is liable for class 1 primary NI contributions?
Who is liable for class 1 secondary NI contributions?
Who is liable for class 1a NI contributions?
Who is liable for class 2 NI contributions?
Who is liable for class 4 NI contributions?
What is the secondary threshold rate?
What is the class 4 lower profits limit?
What counts as earnings for class 1 NIC?
- Any remuneration derived from the employment
2. Paid in cash or assets which are readily convertible into cash.
What is the calculation of class 1 NICs based on?
Gross earnings with no allowable deductions
What does gross earnings?
Wages, salary, SSP, reimbursement of travel costs between home and work, and vouchers, tips by employer
What does gross earnings not include?
Exempt employment benefits, most taxable non-cash benefits, tips received from customers, milage allowance and reimbursement of expenses
When is class 1 payable?
Employed in the UK, over 16 and has earnings in excess of earnings threshold
What age is primary class 1 payable?
Aged 16 or over, attaining state pension age
What is the state pension age?
What is the percentage of primary class 1 NI contributions?
12% from £8,060 and £43,000
2% on gross earnings in excess of £43,000
What age is secondary class 1 payable?
Aged 16 or over until the employee ceases employment
What is the percentage of secondary class 1 NI contributions?
13.8% on all earnings over £8,112.
How is company directors class 1 NICs calculated?
Class 1 NICs are calculated as if he had an annual earnings period, regardless of how he is paid
What is class 1A not payable on?
What is the percentage for class 1A?
When are class 1A payable?
By 19th July/22nd July following the end of the tax year
When is class 2 payable?
Over 16 until state pension age and has earnings in excess of small profits threshold
What is the class 2 amount?
£2.80 a week
When is class 4 payable?
When an individual is over 15