Background Image
Previous Page  17 / 18 Next Page
Information
Show Menu
Previous Page 17 / 18 Next Page
Page Background

page 16

BUDget

18 March 2015

National Insurance Contributions

Class 1 (Employees)

Not Contracted-out of State Second Pension (S2P)

2015/16

2014/15

Employee

Employer

Employee

Employer

NIC rate

12% 13.8%

12% 13.8%

No NICs on the first:

Under 21

£155 pw £815 pw

£153 pw £153 pw

21 & over

£155 pw £156 pw

£153 pw £153 pw

NICs charged up to

£815 pw No limit

£805 pw No limit

NICs on earnings over

£815 pw: 2%

N/A

£805 pw: 2%

N/A

Employment allowance per business

2015/16

2014/15

Offset against employer’s Class 1 NICs

£2,000

£2,000

Earnings limit or threshold

2015/16

2014/15

Weekly Monthly Annual

Weekly Monthly Annual

£

£

£

£

£

£

Lower earnings limit

112

486 5,824

111

481 5,772

Secondary earnings threshold

156

676 8,112

153

663 7,956

Primary earnings threshold

155

672 8,060

153

663 7,956

Upper accrual point

770 3,337 40,040

770 3,337 40,040

Upper earnings limit

815 3,532 42,385

805 3,489 41,865

Contracted-out S2P rebate

2015/16

2014/15

On band earnings*

£112–£770 pw

£111–£770 pw

Employer rebate

3.4%

3.4%

Employee rebate

1.4%

1.4%

*Salary related schemes only.

Class 1A (Employers)

2015/16

2014/15

Most taxable employee benefits

13.8%

13.8%

Class 2 (Self-Employed)

2015/16

2014/15

Flat rate

£2.80 pw £145.60 pa

£2.75 pw £143.00 pa

Small profits threshold

£5,965 pa

£5,885 pa

Class 4 (Self-Employed)

2015/16

2014/15

On profits

£8,060–£42,385 pa 9%

£7,956–£41,865 pa 9%

Over £42,385 pa 2%

Over £41,865 pa 2%

Voluntary

2015/16

2014/15

Class 3 flat rate

£14.10 pw £733.20 pa

£13.90 pw £722.80 pa

Class 3A (from 12/10/15)

amount depending on age

N/A