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National Insurance Contributions

 

Class 1 (Employees)
Contracted In Contracted Out
Salary Related Money Purchase
Employee contributions
- on earnings between £110.01 - £770pw 11.0% 9.4% 9.4%
- on earnings between £770.01 - £844pw 11.0% 11.0% 11.0%
- on earnings above £844pw 1.0% 1.0% 1.0%
Employer contributions
- on earnings between £110.01 and £770pw 12.8% 9.1% 11.4%
- on earnings above £770pw 12.8% 12.8% 12.8%
Employer contributions (at 12.8%) are also due on most benefits in kind and on tax paid on an employee's behalf under a PAYE settlement agreement.
Class 2 (Self-employed)
Flat rate per week £2.40
Small earnings exception: profits per annum £5,075
Class 3 (Voluntary)
Flat rate per week £12.05
Class 4 (Self-employed)
On profits £5,715 - £43,875 8.0%
On profits over £43,875 1.0%
From September 2010, there will be a "holiday" from employee's NIC for new businesses employing up to 10 new employees in their first year. The maximum benefit is £5000 per employee. Businesses in certain areas, such as London and the SE, are excluded.

 

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Directors:  Paul Cutter FCA | Kate Jones FCCA, ACA | Dave Hazlehurst FCCA, CTA

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3 Lyttleton Court | Birmingham Street | Halesowen | West Midlands | B63 3HN

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