Continuing our series of basic informative articles Gordon Faragher Financial Training Company looks at National Insurance Contributions
National Insurance contributions are administered by the National Insurance Contributions Office (NICO) which is part of the Inland Revenue. Though initially devised as a means of funding the welfare state it should be recognised that NICs are now in reality merely an extra income tax charge on earned income.
Contribution law recognises two classes of earners: the employed and the self-employed.
Who pays each class?
The scope is summarised in Table 1.
Table 1: Who pays what?
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Continuing our series of basic informative articles Gordon Faragher Financial Training Company looks at National Insurance Contributions
National Insurance contributions are administered by the National Insurance Contributions Office (NICO) which is part of the Inland Revenue. Though initially devised as a means of funding the welfare state it should be recognised that NICs are now in reality merely an extra income tax charge on earned income.
Contribution law recognises two classes of earners: the employed and the self-employed.
Who pays each class?
The scope is summarised in Table 1.
Table 1: Who pays what?
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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