New National Insurance bands and allowances are usually announced in the Chancellor of the Exchequer’s Budget or Autumn Statement. 1. 2016 to 2017 2015 to 2016; Lower Earnings Limit (LEL)
National Insurance contribution thresholds; 4. Class 1 National Insurance contribution rates 2016-17; 5. Self-employed National Insurance contribution rates 2016-17; 6. Other NICs rates; 7.
2016-17 Self-Employed National Insurance Contribution Rates (Class 2 & 4 NIC) Two types of National Insurance rates apply for those in self-employment or partnership. Class 2 NIC rate applies for any earnings over £5,965 per annum and is payable for each week.
National Insurance Changes for 2016/17. 15April2016. The first change sees an extra £1,000 per year reduction in Employers’ National Insurance for most businesses. Since 6th April 2014 most golf clubs, as employers, have been able to claim the employment allowance of up to £2,000 a year.
National Insurance rates 2018-19. For 2018-19, the National Insurance threshold is £8,424 a year (up from £8,164 in 2017-18). If your earnings are below the earnings threshold, you pay no National Insurance contributions.
Weekly earnings. From 2016/17 Employers’ NIC is abolished for apprentices under 25 earning under £827 pw From 2015/16 Employers NIC is abolished for individuals aged under 21 earning under £866 pw LEL= Lower earnings limit ST= Secondary Threshold UEL = Upper earnings limit Rates 2015-16.
National Insurance contributions and State Pension from April 2016 Important information for employees The State Pension for those who reached State Pension age before 6 April 2016 was made up of two parts: the basic State Pension and the additional State Pension (the additional State Pension is sometimes called State Second Pension or SERPS).
What National Insurance do I pay if I am self-employed? Updated on 29 October 2018 If you are self-employed you will have to pay National Insurance contributions (NIC).
You begin paying National Insurance once you earn more than £162 a week (this is the figure for the 2018-19 tax year). The National Insurance rate you pay depends on how much you earn: 12% of your weekly earnings between £162 and £892; 2% of your weekly earnings above £892.
If you are self employed, use this simplified Self Employed Tax Calculator to work out your tax and National Insurance liability. The calculator uses tax information from the tax year 2018 / 2019 to show you take-home pay. More information about the calculations performed is available on the details page.