NIC

Question 1

Who pays class 2 and class 4 NIC and when is it due?

Answer 1

Self-employed. Class two is due by 31st January of next tax year.

Class four by 5th of October following end of tax year

Question 2

What is POA calculated on?

Answer 2

Class 4NIC and income tax.

Not CGT or class two

Question 3

In terms of NIC when is balancing payment required and when is it due?

Answer 3

31 Jan
Unpaid taxes, including income tax, NIC, CGT

Question 4

What is class one primary and secondary and when is it payable?

Answer 4

Primary employees (16-66)
Secondary employers

19th of every month but extended to 22nd for electronic payment if more than 250 employees

Question 5

What are the class one primary weekly limits?

Answer 5

0% up to 242
12% between 242 and 967
2% after

Question 6

What are class one secondary NIC annual limits?

Answer 6

0% up to 9100
13.8% above

Question 7

How do those under 21 or apprentices under 25 get treated in relation to class 1 NIC

Answer 7

0% up to 967 then 13.8% after

Question 8

How do you calculate class 1A NIC?

Answer 8

Paid by employers on value of benefits excluding all vouchers

Value x 13.8%