NIC

Question 1

What do you charge NIC on?

Answer 1

Salary, vouchers and any excess mileage allowance over 45p a mile

Question 2

How do you charge NIC on mileage?

Answer 2

Any excess over 45p provided by the employer should be paid by the both in class 1

Question 3

How do you calculate the payments for payments on account?

Answer 3

50% of previous yrs:
- Income tax
- NICs
Less any tax paid at source

Question 4

If someone has claimed to reduce POA, what is interest charged on?

Answer 4

Lower of:

• actual POA due
• reduced POA + 50% of balancing payment