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F6 Taxation > 11 National insurance > Flashcards

11 National insurance Flashcards

1
Q

What is the primary threshold for class 1 primary NI contributions?

A

£8060

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2
Q

Who is liable for class 1 primary NI contributions?

A

Employee

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3
Q

Who is liable for class 1 secondary NI contributions?

A

Employer

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4
Q

Who is liable for class 1a NI contributions?

A

Employer

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5
Q

Who is liable for class 2 NI contributions?

A

Self employed

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6
Q

Who is liable for class 4 NI contributions?

A

Self employed

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7
Q

What is the secondary threshold rate?

A

£8112

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8
Q

What is the class 4 lower profits limit?

A

£8060

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9
Q

What counts as earnings for class 1 NIC?

A
  1. Any remuneration derived from the employment

2. Paid in cash or assets which are readily convertible into cash.

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10
Q

What is the calculation of class 1 NICs based on?

A

Gross earnings with no allowable deductions

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11
Q

What does gross earnings?

A

Wages, salary, SSP, reimbursement of travel costs between home and work, and vouchers, tips by employer

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12
Q

What does gross earnings not include?

A

Exempt employment benefits, most taxable non-cash benefits, tips received from customers, milage allowance and reimbursement of expenses

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13
Q

When is class 1 payable?

A

Employed in the UK, over 16 and has earnings in excess of earnings threshold

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14
Q

What age is primary class 1 payable?

A

Aged 16 or over, attaining state pension age

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15
Q

What is the state pension age?

A

65 each

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16
Q

What is the percentage of primary class 1 NI contributions?

A

12% from £8,060 and £43,000

2% on gross earnings in excess of £43,000

17
Q

What age is secondary class 1 payable?

A

Aged 16 or over until the employee ceases employment

18
Q

What is the percentage of secondary class 1 NI contributions?

A

13.8% on all earnings over £8,112.

19
Q

How is company directors class 1 NICs calculated?

A

Class 1 NICs are calculated as if he had an annual earnings period, regardless of how he is paid

20
Q

What is class 1A not payable on?

A

Exempt benefits

21
Q

What is the percentage for class 1A?

A

13.8%

22
Q

When are class 1A payable?

A

By 19th July/22nd July following the end of the tax year

23
Q

When is class 2 payable?

A

Over 16 until state pension age and has earnings in excess of small profits threshold

24
Q

What is the class 2 amount?

A

£2.80 a week

25
Q

When is class 4 payable?

A

When an individual is over 15

F6 Taxation (25 decks)

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