National Insurance

National Insurance

Employees

The rates and thresholds for National Insurance Contributions for 2014/15 are:

Class: Weekly earnings Rate
Employer's class 1 above primary threshold Above £153 13.8%
Employee's class 1 not contracted out From £153 to £805 12%
Employee's additional class 1 Above £805 2%
Married woman's rate* From £153 to £805 5.85%
Self-employed class 2 (per week) - £2.75
Share fishermen class 2 (per week) - £3.40
Volunteer development workers class 2 - £5.55
Class 3 ( per week) - £13.90
Annual profit thresholds
Small earnings exemption class 2 £5,885 -
Self-employed class 4 From £7,956 to £41,865 9%
Self-employed class 4 additional rate Above £41,865 2%

*only available for women who made a valid married woman's election before 11 May 1977.

Self-employed

From April 2016 class 2 NICs will be collected through self-assessment, rather than been paid as a separate direct debit on a monthly or six-monthly basis.

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About

Exel accountants is an accountancy firm based in Watford Hertfordshire. Exel accountants are a firm of qualified and experienced accountants specialising in providing accounting and taxation services to new and established businesses.

Contact

Exel Accountancy Ltd
66B, Sydney Road
Watford WD18 7QX
0192 351 7300
info@exelaccountancy.co.uk

IFA

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