NICs Flashcards
1
Q
NICs
When Are Class 2 & 4 NICs Not Required?
A
When Trading Profits Are Less Than £12,570.
(For a Given Tax Year)
2
Q
NICs
Who Can Make Voluntary Class 2 NICs?
A
Self-Employed Individuals Who Have Trading Profits Below £6,725.
Retains Their Entitlement to Certain State Benefits.
3
Q
NICs
What Are The Thresholds & Rates For Class 4 NICs?
A
- Between £12,570 & £50,270 - 9%
- Above £50,270 - 2%
£50,270 is The Upper Limit.
4
Q
NICs
When Are Shares Subject to Class 1 NICs?
A
Where The Shares Are Readily Convertible Assets.
(e.g., Quoted Shares)
5
Q
NICs
When Are Mileage Payments Subject to Class 1 NICs?
A
To The Extent Mileage Payments Exceed 45p Per Mile.
(Irrespective of Miles Travelled)
