Apply for a New or Lost National Insurance Number. National Insurance Number Guide.
- Lost NI Number
Recover National Insurance Number
Online Application
- Apply Online
Need a National Insurance
Number?-Apply Online & Apply...
- Lost NI Number
Search results
- Technically National Insurance is a social security contribution rather than a tax, but really, it’s a compulsory payment taken from you by the Government, so, to all intents and purposes, it’s a tax.
www.tax.org.uk/national-insurance-contributions-nics-an-explainer
People also ask
Is National Insurance a tax?
What is a national insurance contribution (Nic)?
How much does National Insurance contribute to the UK government?
What is National Insurance used for?
National Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise just under £170 billion in 2024–25 – around a sixth of all tax revenue.
- Who pays National Insurance
- National Insurance classes
- When you stop paying
You pay mandatory National Insurance if you’re 16 or over and are either:
•an employee earning more than £242 per week from one job
•self-employed and making a profit of more than £12,570 a year
You can also see rates and thresholds for previous tax years.
You do not pay National Insurance, but still qualify for certain benefits and the State Pension, if you’re either:
•an employee earning from £123 to £242 a week from one job
There are different types of National Insurance (known as ‘classes’).
The type you pay depends on your employment status and how much you earn.
If you’re employed, you stop paying Class 1 National Insurance when you reach the State Pension age.
If you’re self-employed you stop paying:
•Class 2 National Insurance when you reach State Pension age
•Class 4 National Insurance from 6 April (start of the tax year) after you reach State Pension age
Q. What is National Insurance? National Insurance is a tax on earnings paid by both employees (from their wages) and by employers (on top of the wages they pay out), as well as by the self-employed (from their trading profits).
National Insurance contributions form a significant proportion of the UK Government's revenue, raising £145 billion in 2019-20 (representing 17.5% of all tax revenue). [3] The benefit component includes several contributory benefits, availability and amount of which is determined by the claimant's contribution record and circumstances.
Apr 29, 2024 · With effect from 6 January 2024, National Insurance was cut by two percentage points from 12% to 10%, which the government described as, ‘a tax cut worth £9 billion for 29 million people’.
Jun 28, 2023 · A national Insurance contribution (NIC) is a tax paid by British employees and employers to fund government benefits programs. Contributions are made through payroll deductions and are based on...
How to pay. You pay National Insurance with your tax. Your employer will take it from your wages before you get paid. Your payslip will show your contributions. If you’re a director of a...
