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HMRC genuine and phishing/bogus emails and calls
HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text.Read more >
8 Aug 2017
Latest Labour Market Statistics
The latest labour market statistics for the period March to May 2017 showed a 175,000 rise in employment and 64,000 fall in unemployment.Read more >
7 Aug 2017
New timetable for Making Tax Digital
The government has announced a revised timetable for the introduction of Making Tax Digital for Business (MTDfB).Read more >
4 Aug 2017
Solihull Chamber News Column - 24th August 2017
The Chamber’s Quarterly Business Report (QBR) always highlights some interesting information on what is happening in the business worl...Read more >
24 Aug 2017
Solihull Chamber News Column - 10th august 2017
As Brexit becomes a reality, the Chamber of Commerce’s International Hub is stepping up its drive to encourage and help businesses to ...Read more >
10 Aug 2017
An update on Making Tax Digital
The Government have decided that the introduction of Making Tax Digital (MTD) will be delayed for businesses. We have summarised the la...Read more >
31 Jul 2017
Contact Prime Today
For help with any areas of concern regarding your National Insurance, please contact us for a free initial meeting.Please Email Us >
Whether you are an employer, employee, employed or self-employed, awareness of National Insurance contributions (NICs) is vital. And with strong enforcement powers and anti-avoidance legislation available to HMRC, ensuring that you comply with your National Insurance contributions is of paramount importance.
Our quick reference chart below gives a brief overview of current NI contribution rates.
2012/13 Class 1 (employed) contracted in rates:
|Earnings per week||NIC||Earnings per week||NIC|
|Up to £146||Nil*||Up to £144||Nil|
|£146.01 - £817||12%||Over £144||13.8%|
* Entitlement to contribution-based benefits retained for earnings between £107 and £146 per week.
|Class 1A (employers)||13.8% on employee taxable benefits|
|Class 1B (employers)||13.8% on PAYE Settlement Agreements|
|Class 2 (self-employed)||Flat rate per week £2.65 small earnings exception £5,595 p.a.|
|Class 3 (voluntary)||Flat rate per week £13.25|
|Class 4 (self-employed)||9% on profits between £7,605 and £42,475 plus 2% on profits over £42,475|
National Insurance Contributions build up your entitlement to specific benefits such as the State Pension and the amount you pay depends upon how much you earn so it’s important to ensure that professional advice is sought and compliance properly dealt with.
Call Prime Today - we're here to help
From calculating your contributions and submitting your NICs to advising on pay packages that minimise tax and NIC, Prime has a team of experts who can provide help with any areas of concern regarding your National Insurance. Please contact us for further information.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468