Goodman Jones Budget Summary 2018

16 BUDGET 29 OCTOBER 2018 NATIONAL INSURANCE CONTRIBUTIONS Class 1 employee Employee 2019/20 Employer Employee 2018/19 Employer NIC rate 12% 13.8% 12% 13.8% No NICs for younger employees 1 on the first £166 pw £962 pw £162 pw £892 pw No NICs for employees generally on the first £166 pw £166 pw £162 pw £162 pw NICs rate charged up to £962 pw No limit £892 pw No limit 2% NICs on earnings over £962 pw N/A £892 pw N/A Certain married women 5.85% 13.8% 5.85% 13.8% 1 Employees generally under 21 years and apprentices under 25 years. Employment allowance 2019/20 2018/19 Per business £3,000 £3,000 Not available if the sole employee is a director. Earnings limits and thresholds Weekly 2019/20 Annual Weekly 2018/19 Annual Lower earnings limit £118 £6,136 £116 £6,032 Primary threshold £166 £8,632 £162 £8,424 Secondary threshold £166 £8,632 £162 £8,424 Upper earnings limit (and upper secondary thresholds 2 ) £962 £50,000 £892 £46,350 2 Employees generally under 21 years and apprentices under 25 years. Class 1A (Employers) 2019/20 2018/19 Most taxable employee benefits 13.8% 13.8% Class 2 (Self-Employed) 2019/20 2018/19 Flat rate £3.00 pw £156.00 pa £2.95 pw £153.40 pa Small profits threshold: No NICs if profits do not exceed £6,365 pa £6,205 pa Class 4 (Self-Employed) 2019/20 2018/19 On profits £8,632–£50,000 pa 9% £8,424–£46,350 pa 9% Over £50,000 pa 2% Over £46,350 pa 2% Voluntary 2019/20 2018/19 Class 3 flat rate £15.00 pw £780.00 pa £14.65 pw £761.80 pa