Chapter 11 - National Insurance Flashcards

1
Q

What NIC does an employee suffer?

A

Class 1 NIC on gross earnings, including cash equivalents like vouchers, but not things like a company car

Suffered until they reach state pension age

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2
Q

What is class 1, secondary NIC?

A

Payable by employers
No upper age limit
There is an annual employment allowance of £5,000 per employee (allowance not available if director of company is sole employee or where employers contributions exceed £100,000 for previous tax year)

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3
Q

When is Primary and Secondary class 1 NIC payable?

A

22nd each month

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4
Q

When is Class 1A NIC Payable?

A

22 July following end of tax year

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5
Q

When does a self employed person have to pay Class 2 NIC

A

By 31 January following end of tax year

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6
Q
A
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