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Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2017. The guidance states: ‘You can use the...Read more >
9 Jun 2017
Tax-Free Childcare and childcare options
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare launched at the end of April and is being r...Read more >
7 Jun 2017
VAT fuel scale charges
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period s...Read more >
12 May 2017
Second Hand Cars for Business? A REAL Alternative!
I’m Chris, the founder of a Solihull based business with an International customer base. In the last 12 months, I’ve seen my bus...Read more >
26 Jun 2017
Check of employer records
HMRC have been tasked to raise additional revenue. This will be achieved through a variety of methods, including increased employer complian...Read more >
30 May 2017
Solihull Chamber survey surprises
Last week Kevin Johns, Prime’s Managing Director and President of the Solihull Chamber, hosted the Solihull Chamber Breakfast. The eve...Read more >
17 May 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