Young & Co. Chartered Accountants and Registered Auditors
Bewell House, Bewell Street, Hereford, HR4 0BA
Bewell House, Bewell Street, Hereford, HR4 0BA
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National Insurance
National Insurance contributions are deducted from your salary or paid from your self employed income. Non payment of National Insurance may adversely affect your State Pension when you retire.
Class 1 - Employees
Collected through Pay As You Earn via employed income. This is paid by the employee
Up to £105 per week
0%
£105.01 to £770 per week
11%
Over £770 per week
1%
Class 1 - Employers
Collected through Pay As You Earn via employed income. This is paid by the employer only
Up to £105 per week
0%
£105.01 - £770 per week
12.8%
Over £770 per week
12.8%
Class 1A & 1B
Charge based on “benefits” received through employment
(Eg: company car, private medical scheme etc.)
12.8%
Class 2
Charged to self employed people
£2.30 per week
Class 3
Voluntary contributions
£8.10 per week
Class 4
Self employment charge based on profits of your business
£0 to £5,715 taxable profits
0%
£5,716 to £43,875
8%
Over £43,875
1%
More information is available from the Revenue web site
*All figures quoted are based on the 2010/11 tax year
