New Forest

08/04/2020

Changes to National Insurance Contributions

Employees and the self-employed will not pay national insurance contributions (NIC) on the first £9,500 of earnings from 2020/21, a significant increase from the £8,632 limit in 2019/20. Note that employers will be required to pay 13.8% on earnings over £169 per week, £8,788 per annum.

The employment allowance that can be set against employers NIC increases to £4,000 from 2020/21 but will not be available to employers with total employer’s NIC liabilities in excess of £100,000 p.a.

For further information on the National Insurance Contribution changes, please contact Matthew Magee on 023 8046 1207.

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Class 2 NICs are currently paid by self employed earners, however certain business property owners are also liable to pay contributions http://ow.ly/bw0750BF6hS

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