Which NIC?? Flashcards
1
Q
Vouchers
A
Class 1 primary
2
Q
Round sum allowance
A
Class 1 primary
3
Q
Relocation allowance
A
Class 1A
4
Q
How do you work out Class 1B contributions
2 steps
A
Gross up the value (100/[100- marginal rate of tax] * amount
Grossed up earnings * 15.05%
5
Q
When are class 4 NIC collected
A
1 Jan in tax year
31 July after tax year
31 Jan following tax year
6
Q
When are class 2 NIC payable
A
Payable on 31 Jan after tax year end
