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National Insurance Allowance Explained in Under 60 Seconds ⏱
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In April 2020 the National Insurance Allowance was increased to £4,000, meaning that provided your employers national insurance bill is less than this number, you could potentially reduce your employers national insurance bill to 0!
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National Insurance can sometimes be seen as a bit of a stealth tax. As a limited company director shareholder you can often be lumbered with the double tax whammy of paying both employers national insurance as well as employees national insurance.
It's worth noting this is only available to business owners who are NOT sole employees and thus directors AND for employers who’s national insurance bill in total was less than £100,000 in the previous tax year.
If you're a small business owner and would like specific tax advice and services for your individual business needs, head to our website to see how we can help you.
CLASS 1 Employees National Insurance
Lower Earnings Limit - £6,240 per annum
Primary Threshold - £9,500 per annum
Upper Earnings Limit - £50,000 per annum
Rate (NI category A) - 12% between PT and UEL and 2% above UEL
CLASS 1 Employers National Insurance
Secondary Threshold - £8,788 per annum
Upper Earnings Limit - £50,000 per annum
Rate (NI category A) - 13.8% between ST and UEL and 13.8% above UEL
★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.
★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.
🔴 DISCLAIMER
Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.
#nationalinsuranceallowance #knowyournumbers #nationalinsurance
Accounting & Tax Academy Free Membership Site →
National Insurance can sometimes be seen as a bit of a stealth tax. As a limited company director shareholder you can often be lumbered with the double tax whammy of paying both employers national insurance as well as employees national insurance.
It's worth noting this is only available to business owners who are NOT sole employees and thus directors AND for employers who’s national insurance bill in total was less than £100,000 in the previous tax year.
If you're a small business owner and would like specific tax advice and services for your individual business needs, head to our website to see how we can help you.
CLASS 1 Employees National Insurance
Lower Earnings Limit - £6,240 per annum
Primary Threshold - £9,500 per annum
Upper Earnings Limit - £50,000 per annum
Rate (NI category A) - 12% between PT and UEL and 2% above UEL
CLASS 1 Employers National Insurance
Secondary Threshold - £8,788 per annum
Upper Earnings Limit - £50,000 per annum
Rate (NI category A) - 13.8% between ST and UEL and 13.8% above UEL
★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.
★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.
🔴 DISCLAIMER
Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.
#nationalinsuranceallowance #knowyournumbers #nationalinsurance
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