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Tax-free childcare roll out
The implementation of Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, is being rolled out ...Read more >
7 Feb 2018
Updated list of professional subscriptions
Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisation...Read more >
2 Feb 2018
Scotland revise income tax bands
Derek Mackay, Scottish Finance Secretary, has made a change to the proposed Scottish income tax bands for 2018/19 which he announced in Dece...Read more >
1 Feb 2018
End of year tax planning video
As the end of the financial year approaches now is the time to start considering measures you could take to better structure your business o...Read more >
31 Jan 2018
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
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