Chapter 8 - 2.6 - Class 1A National Insurance Contributions Flashcards
1
Q
Why are vouchers exempt?
A
They are liable to class 1
1
Q
What are Class 1A NICs?
A
They are paid by employers only on the value of taxable benefits excluding vouchers exchangeable for cash goods or services
2
Q
What is the Class 1A charge?
A
Value of assessable benefit x 13.8%
3
Q
What can you not do in this situation?
A
The employment allowance cannot be offset against Class 1A NICs
4
Q
When are Class 1A NICs paid by?
A
Annually by 19 July (or 22 July if paid electronically) following the end of the tax year
