Chapter 8 - 1.1 - NICs Paid by Self-employed Individuals Flashcards
1
Q
What are the two types of national insurance contribution sole traders and partners make?
A
Class 2 and Class 4
2
Q
Who pays Class 2?
A
Sole traders and partners (aged 16 - 66, the state pension age)
3
Q
Who pays Class 4?
A
Sole traders and partners (aged 16 - 66, the state pension age)
4
Q
What is the Class 2 national insurance contribution charged on?
A
A flat rate
5
Q
What is the Class 4 national insurance contribution charged on?
A
Tax adjusted trading profits assessed for income tax
