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Covid-19: Your questions answered
For a free consultation call: 0114 251 8850 or email: email@example.com
Employees start paying Class 1 NIC from age 16 (if sufficient earnings).
Employers pay Class 1 NIC in accordance with the table below.
Employer NIC for employees under the age of 21 and apprentices under the age of 25 is reduced from the normal rate of 13.8% to 0% up to the Upper Secondary Threshold.
Employees Class 1 NIC stop when they reach their 'State Pension age'. The employer's contribution continues.
Entitlement to state pension and other 'contribution-based benefits' is retained for earnings between £120 and £183 per week
Entitlement to state pension and other 'contribution-based benefits' is retained for earnings between £118 and £166 per week
13.8% on broadly all taxable benefits provided to employees and on certain taxable termination payments in excess of £30,000.
13.8% on taxable PAYE Settlement Agreements.
A self-employed person starts paying Class 2 and Class 4 NIC from 16 or over (if sufficient profits).
Class 2 NIC stop when a person reaches State Pension age.
Class 4 NIC stop from the start of the tax year after the one in which the person reaches State Pension age.
No Class 2 is due if the amount of trading profits assessable to income tax and Class 4 NIC is below this figure. However, a person might decide to carry on paying Class 2 voluntarily to accrue entitlement to the State Pension and entitlement to other benefits.
A person needs 35 years (30 years if State Pension age is before 6 April 2016) of NIC to get a full State Pension.
Class 3 voluntary contributions can be paid to fill or avoid gaps in a NI record.
Flat rate per week: £15.30 (2019/20: £15.00)
Hart Shaw LLP are currently applying COVID-19 working protocols and our staff are working from home. Our switchboard will be answering calls but you can contact our partners on the following numbers:
Further contact details can be found here: https://www.hartshaw.co.uk/about-us/key-contacts
We apologise if this is inconvenient but we are doing our best to follow government working directions whilst continuing to service our clients to the best of our ability in these difficult times for all and appreciate your patience.