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As of January 2020, self-employed National Insurance Contributions (NICs) will be categorised as Class 2 when profits are between £6,365 and £8,631.99 a year. If a self-employed worker earns £8,632 or more a year they will be categorised as Class 4. Class 2 contributions are charged at £3.00 per week and are usually paid by direct debit. [18]
The National Insurance Contributions Act 2014 (c. 7) is an act of the Parliament of the United Kingdom that received royal assent on 13 March 2014, after being introduced on 12 October 2013. The act entitled employers to an allowance up to £2,000 against their National Insurance Contributions liability for a tax year .
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
The second largest source of government revenue is National Insurance contributions (NICs). NICs are payable by employees, employers and the self-employed and in the 2010–2011 tax year £96.5 billion was raised, 21.5 per cent of the total collected by HMRC. [69]
In the UK, the P60 form has been issued since 1944 by employers to each of their employees to detail the employees' taxable income and deductions made by PAYE (both for income tax and National Insurance contributions) for that year. Historically, it was the third part of a triplicate form, the front two parts being P14 (End of Year Summary).
It amends the law relating to national insurance contributions. Its precursor was an announcement made in the Paymaster General's Pre-Budget Report 2004. [3] HM Revenue and Customs estimated that the Act would secure £95 million in national insurance contributions for the financial year 2004-05 and £240 million per annum in subsequent years. [4]
National Insurance contributions also provide a small part of the funding for the public healthcare systems in the UK (including the National Health Service in England), but contributions are paid into the funds net of money allocated to the NHS. [4]
This is usually in the form of a number followed by a letter suffix, though other 'non-standard' codes are also used. This code describes to employers how much tax to deduct from an employee. The code is normally based provided to HMRC by the taxpayer or their employer.
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