» Introduction

» Personal Taxation

» Employee Taxation

» Investment Reliefs

» Capital Gains Tax

» Trusts

» National Insurance

» Tax Credits

» Inheritance Tax

» Business Tax

» Corporation Tax

» Value Added Tax

» Stamp Duty

» Insurance Premium Tax

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Association of Chartered Certified Accountants

BUDGET March 2006

Welcome to Clark Howes Accountants

National Insurance Contributions

For employees' NIC, see Employee Taxation page.

Self-employed people pay:

* weekly Class 2 contribution of £2.10, unless they claim exception for small earnings (below £4,465).

* Class 4 NIC at 8% of taxable profits between £5,035 and £33,540. Profits over £33,540 will be charged at 1%. This is assessed and paid with the self-assessment income tax on profits.

Class 3 voluntary NIC may be paid at £7.55 per week by someone who is not in work but who wishes to maintain state pension rights.
 
Annual limits
Someone who is both employed and self-employed will pay Class 1, Class 2 and Class 4 NIC. It is possible to apply for deferment of Class 4 so that the Class 1 paid on earnings can be taken into account. Class 4 will then be charged at only 1%, and the overall liability will be settled at a later date.
 
Contemporary Practice ... Established Values
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