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
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)
3
Q
When is Primary and Secondary class 1 NIC payable?
A
22nd each month
4
Q
When is Class 1A NIC Payable?
A
22 July following end of tax year
5
Q
When does a self employed person have to pay Class 2 NIC
A
By 31 January following end of tax year
6
Q
A