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VAT and prompt payment discounts
Businesses which currently offer prompt payment discounts (PPD) to their customers need to be aware that there are some changes ahead to the...Read more >
1 Aug 2014
HMRC writes to taxpayers about effective tax rates
HMRC is writing to certain taxpayers to tell them their effective rate of tax is lower than average and to ask them to check if it’s r...Read more >
29 Jul 2014
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2014. HMRC’s website states:Read more >
28 Jul 2014
Prime Charity Penalty Shoot-out
Arguably at times more exciting that the England v. Costa Rica game here is the video of our charity penalty shoot-out held to raise money f...Read more >
8 Jul 2014
Xero hits $100m milestone
Xero, the leading global cloud accounts system for owner managed businesses, has just hit another milestone with annualised recurring revenu...Read more >
19 Jun 2014
Life At Prime
We put together this short video to use when we attended the Solihull Apprenticeship event on 15th May.Read more >
12 May 2014
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