Tax Tables - Friston Wicks, Chartered Accountant and Chartered Tax Adviser

Tax information for the 2022-23 tax year

Personal Allowances (PA)

You can earn £12,570 before paying tax. You start losing your personal allowance when your adjusted net income exceeds £100,000.

Transferrable personal allowance

From 6 April 2015 married couples and civil partners that are not higher than basic rate tax payers can transfer up to 10% of their PA to their spouse so long as they are also not higher than basic rate tax payers.

Personal Savings Allowance (PSA)

From 6 April 2016 you can receive up to £1,000 of interest from Banks and Building societies before you pay tax if you are a basic rate tax payer and £500 if you are a higher rate tax payer. Note there is no allowance if you are an additional rate (45%) tax payer. From this date all bank and building societies pay interest without the deduction of tax.

Dividend Tax Allowance (DTA)

From 6 April 2018, the first £2,000 of dividend income is taxed at 0%. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by up to £912.50. It is a means tested allowance. Unused MCA can be transferred between spouses.

Income tax rates

40% tax kicks in when taxable income in excess of personal allowance exceeds £37,700 (higher rate tax payer). Taxable income in excess over £150,000 is taxed at 45% (additional rate tax payer). Personal allowances being subject to any reduction for adjusted net earnings > £100,000.

Dividends, in excess of the DTA, are taxed at 8.75% for basic rate payers, 33.75% for higher rate tax payers and 39.35% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So, where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £18,570 tax free – this is based on your personal allowance of £12,570, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

For every 80p per child (up to £8,000) put in the state will add 20p (up to £2,000). It replaces the current scheme – which is closed to new entrants.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £9,000.

Corporation tax

One rate of 19% for small and large companies.

The annual investment allowance (AIA) is £1,000,000 for expenditure 1-1-2022 to 31-3-23 and £200,000 from 1-4-2023. These was extended again from last year and essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is £85,000 pa and de registration limit is £83,000 pa.

Note that Making Tax Digital actually came into effect for those making vatable turnover > £85,000 from April 2020. It came into effect for those voluntarily registered from April 2022.

National insurance

Employed

All companies, with a few exceptions, get £5,000 contribution towards employers NIC costs. This should happen automatically under RTI. Please note this is not given where there is one employee that is also a director.

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
6-4-22 to 5-7-22 0%	Up to £190 pwk	Up to £823 pmth	Up to £9,880 pa
13.25%	£190– £967 pwk	£823 –£4,189 pmth	£9,880– £50,270 pa
3.25%	> £967 pwk	> £4,189 pmth	> £50,270 pa
6-7-22 to 5-4-23 0%	Up to £242 pwk	Up to £1,048 pmth	Up to £12,570pa
13.25%	£242– £967 pwk	£1,048 –£4,189 pmth	£12,570– £50,270 pa
3.25%	> £967 pwk	> £4,189 pmth	> £50,270 pa

Employers – class 1 NIC is payable at 15.05% on earnings above £190/£242 pwk, £823/£1,048 pmth or £9,880/£12,570 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £3.15. Where profit is > £6,725 for the year – or can be paid voluntarily. This may be useful to maintain state pension. Class 2 gives entitlement to State Pension. This is collected with self-assessment tax from 6 April 2016.

Class 4 NIC payable at 10.25% on profits between £11,908 and £50,270 and 3.25% on profits > £50,270.

National Insurance rates have been temporarily increased by 1.25% for The Health and Social Care Levy. This will be replaced from 2023-24 by a separate levy – that will apply to employers, employees and self-employed and include those above state pension age.

Stamp duty

SDLT 0% for residential property on the first £300,000, for first-time buyers purchasing properties worth up to £500,000.

Capital Gains

Annual exemption remains at £12,300. The standard rate of tax is 10% and 20% for higher and additional rate taxpayers. This becomes 18% and 28% for certain gains – mainly residential properties that do not qualify for Principal Private Residence relief.

Entrepreneurs’ relief – those eligible are taxed at 10% – with a life time limit of

£100,000, which was £1,000,000 before 11 March 2020.

Inheritance Tax

The nil rate band remains at £325,000.

For deaths after 6 April 2017, where the main residence passes to direct descendants there is additional relief – this is £175,000 from 2021-22.

Tax information for the 2021-22 tax year

Personal Allowances (PA)

You can earn £12,570 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2018, the first £2,000 of dividend income is taxed at 0%. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by up to £907. It is a means tested allowance. Unused MCA can be transferred between spouses.

Income tax rates

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

Tax free childcare

For every 80p per child (up to £8,000) put in the state will add 20p (up to £2,000). It replaces the current scheme – which is closed to new entrants.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £9,000.

Corporation tax

One rate of 19% for small and large companies.

The annual investment allowance (AIA) is £1,000,000 for expenditure 1-1-19 to 31-12-21 and £200,000 from 1-1-22. These was extended by a year from last year and essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is £85,000 pa and de registration limit is £83,000 pa.

Note that Making Tax Digital actually came into effect for those making vatable turnover > £85,000 from April 2020. It will come into effect for those voluntarily registered from April 2022.

National insurance

Employed

All companies, with a few exceptions, get £4,000 contribution towards employers NIC costs. This should happen automatically under RTI. Please note this is not given where there is one employee that is also a director.

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £184 pwk	Up to £797 pmth	Up to £9,568 pa
12%	£184– £967 pwk	£797 –£4,189 pmth	£9,568– £50,270 pa
2%	> £967 pwk	> £4,189 pmth	> £50,270 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £170 pwk, £737 pmth or £8,840 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £3.05. This is collected with self-assessment tax from 6 April 2016. Where profit is > £6,515 for the year – or can be paid voluntarily. This may be useful to maintain state pension. Class 2 gives entitlement to State Pension.

Class 4 NIC payable at 9% on profits between £9,568 and £50,270 and 2% on profits > £50,270.

Stamp duty

SDLT to be abolished immediately for first-time buyers purchasing properties worth up to £300,000 and for first-time buyers purchasing properties worth up to £500,000, the first £300,000 will be exempt.

The nil rate band (currently £125,000) was extended to £500,000 to 30-6-21 and £250,000 to 30-9-21 as part of the Coronavirus measures.

Capital Gains

Entrepreneurs’ relief – those eligible are taxed at 10% – with a life time limit of

£100,000, which was £1,000,000 before 11 March 2020.

Inheritance Tax

The nil rate band remains at £325,000.

For deaths after 6 April 2017, where the main residence passes to direct descendants there is additional relief – this is £175,000 for 2021-22.

Tax information for the 2020-21 tax year

Personal Allowances (PA)

You can earn £12,500 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2018, the first £2,000 of dividend income is taxed at 0%. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by between £345 and £891.50. It is a means tested allowance. Unused MCA can be transferred between spouses.

Income tax rates

40% tax kicks in when taxable income in excess of personal allowance exceeds £37,500 (higher rate tax payer). Taxable income in excess of personal allowance over £150,000 is taxed at 45% (additional rate tax payer). Personal allowances being subject to any reduction for earnings > £100,000.

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So, where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £18,500 tax free – this is based on your personal allowance of £12,500, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

For every 80p per child (up to £8,000) put in the state will add 20p (up to £2,000). It replaces the current scheme – which closes to new entrants.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £9,000.

Corporation tax

One rate of 19% for small and large companies.

The annual investment allowance (AIA) is £1,000,000 for expenditure 1-1-19 to 31-12-20 and £200,000 from 1-1-21. This essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is £85,000 pa and de registration limit is £83,000 pa.

Note that Making Tax Digital actually came into effect for those making vatable turnover > £85,000 from April 2020.

National insurance

Employed

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £183 pwk	Up to £792 pmth	Up to £9,500 pa
0% but protection of contributory benefits	£120 – £183 pwk	£520 – £792 pmth	£6,240 – £8,632 pa
12%	£183– £962 pwk	£792 –£4,167 pmth	£8,632– £50,000 pa
2%	> £962 pwk	> £4,167 pmth	> £50,000 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £169 pwk, £732 pmth or £8,788 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £3.05. This is collected with self-assessment tax from 6 April 2016. Where profit is equal to or > £6,475 for the year – or can be paid voluntarily. This may be useful to maintain state pension. Class 2 gives entitlement to State Pension.

Class 4 NIC payable at 9% on profits between £9,500 and £50,000 and 2% on profits > £50,000.

Stamp duty

Capital Gains

Annual exemption is £12,300. The standard rate of tax is 10% and 20% for higher and additional rate taxpayers. This becomes 18% and 28% for certain gains – mainly residential properties that do not qualify for Principal Private Residence relief.

Entrepreneurs’ relief – those eligible are taxed at 10% – with a life time limit of £100,000, which was £1,000,000 before 11 March 2020.

Inheritance Tax

The nil rate band remains at £325,000. It is set to remain at this level until April 2021.

For deaths after 6 April 2017, where the main residence passes to direct descendants there is additional relief – that is being phased in from £100,000 to £175,000 in 2020/21. For 2020-21 it is £175,000.

Tax information for the 2019-20 tax year

Personal Allowances (PA)

You can earn £12,500 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2018, the first £2,000 of dividend income is taxed at 0%; reduced from £5,000. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by between £336 and £869.50. It is a means tested allowance. Unused MCA can be transferred between spouses.

Income tax rates

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £18,500 tax free – this is based on your personal allowance of £12,500, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

For every 80p per child (up to £8,000) put in the state will add 20p (up to £2,000). It replaces the current scheme – which closes to new entrants.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £4,368.

Corporation tax

One rate of 19% for small and large companies.

Capital allowances

These are available to companies and individuals/partnerships in business.

The annual investment allowance (AIA) 100% is £1,000,000 for expenditure 1-1-19 to 31-12-20 and £200,000 pre 1-1-19. This essentially relates to plant and machinery costs and excludes motor cars.

Assets in general pool 18% pa reducing balance, Assets in special rate pool 6% reducing balance.

There is 100% allowance for cars with low Co2 emissions – from 1-4-18 up to 50 and 1-4-15 to 31-3-18 up to 75. Otherwise they fall in the general pool 18% rb pa or special rate pool 6% rb pa; up to 110/130 and over 110/130 Co2 emissions respectively.

VAT

VAT registration limit is £85,000 pa and de registration limit is £83,000 pa.

Note that Making Tax Digital comes into effect for those making vatable turnover > £85,000 from April 2019.

National insurance

Employed

All companies, with a few exceptions, get £3,000 contribution towards employers NIC costs. This should happen automatically under RTI. Please note this is not given where there is one employee that is also a director.

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £166 pwk	Up to £719 pmth	Up to £8,632 pa
0% but protection of contributory benefits	£118 – £166 pwk	£511 – £719 pmth	£6,136 – £8,632 pa
12%	£166– £962 pwk	£719 – £4,167 pmth	£8,632– £50,000 pa
2%	> £962 pwk	> £4,167 pmth	> £50,000 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £166 pwk, £719 pmth or £8,632 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £3. This is collected with self-assessment tax from 6 April 2016. Where profit is equal to or > £6,365 for the year – or can be paid voluntarily. This may be useful to maintain state pension. Class 2 gives entitlement to State Pension.

Class 4 NIC payable at 9% on profits between £8,632 and £50,000 and 2% on profits > £50,000.

Stamp duty

Capital Gains

Annual exemption is £12,000. The standard rate of tax is 10% and 20% for higher and additional rate taxpayers. This becomes 18% and 28% for certain gains – mainly residential properties that do not qualify for Principal Private Residence relief.

Inheritance Tax

The nil rate band remains at £325,000. It is set to remain at this level until April 2021.

Tax information for the 2018-19 tax year

Information from the latest budget on 22 November 2017 is as follows, which should enacted in the Finance Act next spring. Also included are details which have not changed, for completeness.

Personal Allowances (PA)

You can earn £11,850 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2018, the first £2,000 of dividend income is taxed at 0%.; reduced from £5,000. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by between £326 and £844. It is a means tested allowance. Unused MCA can be transferred between spouses.

Income tax rates

40% tax kicks in when taxable income in excess of personal allowance exceeds £34,500 (higher rate tax payer). Taxable income in excess of personal allowance over £150,000 is taxed at 45% (additional rate tax payer).

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £17,850 tax free – this is based on your personal allowance of £11,850, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

For every 80p per child (up to £8,000) put in the state will add 20p (up to £2,000). It replaces the current scheme – which closes to new entrants in April 2018.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £4,260.

Corporation tax

One rate of 19% for small and large companies.

The annual investment allowance (AIA) is £200,000. This essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is frozen for 2 years at £85,000 pa and de registration limit is £83,000 pa.

National insurance

Employed

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £162 pwk	Up to £702 pmth	Up to £8,424 pa
0% but protection of contributory benefits	£116 – £162 pwk	£502 – £702 pmth	£6,032 – £8,424 pa
12%	£162– £892 pwk	£680 – £3,865 pmth	£8,424– £46,384 pa
2%	> £892 pwk	> £3,865 pmth	> £46,384 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £162 pwk, £702 pmth or £8,424 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £2.95. Where profit is equal to or > £6,205 for the year – or can be paid voluntarily. This is collected with self-assessment tax from 6 April 2016. This was due to be abolished from April 2018, but has been delayed until 2019. As Class 2 gives entitlement to State Pension, the entitlements under Class 4 NIC will have to be adjusted once it is abolished.

Class 4 NIC payable at 9% on profits between £8,424 and £46,350 and 2% on profits > £46,350.

Stamp duty

Capital Gains

Annual exemption is £11,700. The standard rate of tax is 10% and 20% for higher and additional rate taxpayers. This becomes 18% and 28% for certain gains – mainly residential properties that do not qualify for Principal Private Residence relief.

It was intended that CGT on residential property would be paid within 30 days of sale – this has been delayed until April 2020.

Inheritance Tax

The nil rate band remains at £325,000. It is set to remain at this level until April 2021.

Tax information for the 2017-18 tax year

Personal Allowances (PA)

You can earn £11,500 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2016, the first £5,000 of dividend income is taxed at 0%. There is no tax credit attaching to the income. This is reduced to £2,000 from 5 April 2018.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by between £326 and £844. It is a means tested allowance and is reduced where earning are in excess of £28,000. Unused MCA can be transferred between spouses.

Income tax rates

40% tax kicks in when taxable income in excess of personal allowance exceeds £33,500 (higher rate tax payer). Taxable income in excess of personal allowance over £150,000 is taxed at 45% (additional rate tax payer).

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £17,500 tax free – this is based on your personal allowance of £11,500, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

This was to be introduced in autumn 2015 but has now been delayed until April 2017. For every 80p (up to £10,000) put in the state will add 20p (up to £2,000). It will replace the current scheme – which closes to new entrants in April 2018. There are more details to follow on the new scheme.

ISA

There is an annual limit of £20,000, which can all be in cash and an annual limit for the Junior ISA of £4,128.

Corporation tax

One rate of 19% for small and large companies.

The annual investment allowance (AIA) is £200,000. This essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is £85,000 pa and de registration limit is £83,000 pa.

National insurance

Employed

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £157 pwk	Up to £680 pmth	Up to £8,164 pa
0% but protection of contributory benefits	£113 – £157 pwk	£490 – £680 pmth	£5,876 – £8,164 pa
12%	£157 – £866 pwk	£680 – £3,750 pmth	£8,164 – £45,000 pa
2%	> £866 pwk	> £3,750 pmth	> £45,000 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £157 pwk, £680 pmth or £8,164 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £2.85. This is collected with self-assessment tax from 6 April 2016. Where profit is equal to or > £6,025 for the year – or can be paid voluntarily. This will be abolished from April 2018. As this gives entitlement to State Pension the entitlements under Class 4 NIC will have to be adjusted.

Class 4 NIC payable at 9% on profits between £8,164 and £45,000 and 2% on profits > £45,000. The 9% rate was to increase to 10% on 6 April 2018 and 11% on 6 April 2019; however due to an out cry this has been scrapped!

Capital Gains

Annual exemption is £11,300. The standard rate of tax is 10% and 20% for higher and additional rate taxpayers. This becomes 18% and 28% for certain gains – mainly residential properties that do not qualify for Principal Private Residence relief.

Inheritance Tax

The nil rate band remains at £325,000. For deaths after 6 April 2017, where the main residence passes to direct descendants there is additional relief – that is being phased in from £100,000 to £175,000 in 2020/21.

Tax information for the 2016-17 tax year

Personal Allowances (PA)

You can earn £11,000 before paying tax. You start losing your personal allowance when income exceeds £100,000.

Transferrable personal allowance

Personal Savings Allowance (PSA)

Dividend Tax Allowance (DTA)

From 6 April 2016, the first £5,000 of dividend income is taxed at 0%. There is no tax credit attaching to the income.

Married Couple Allowance (MCA)

Where a partner to a marriage or civil partnership was born before 6 April 1935 married couples allowance is available. It does not reduce your taxable income, but reduces your tax bill by between £322 and £835. It is a means tested allowance and is reduced where earning are in excess of £27,700. Unused MCA can be transferred between spouses.

Income tax rates

40% tax kicks in when taxable income in excess of personal allowance exceeds £32,000 (higher rate tax payer). Taxable income in excess of personal allowance over £150,000 is taxed at 45% (additional rate tax payer).

Dividends, in excess of the DTA, are taxed at 7.5% for basic rate payers, 32.5% for higher rate tax payers and 38.1% for additional rate tax payers.

From 6 April 2015 the starting rate for savings is on £5,000 at 0%. So where your income consists of savings only (and you are a basic rate taxpayer) you can receive up to £17,000 tax free – this is based on your personal allowance of £11,000, your PSA of £1,000 and starting rate of £5,000. If you have taxable non savings income in excess of £5,000 then the starting rate band will not apply and will be reduced for non-savings income up to this amount.

Tax free childcare

This was to be introduced in autumn 2015 but has been delayed until 2017 – it likely to give a 20% contribution from the Government up to £2,000.

ISA

There is an annual limit of £15,240, which can all be in cash.

Corporation tax

One rate of 20% for small and large companies.

The annual investment allowance (AIA) is £200,000. This essentially relates to plant and machinery costs and excludes motor cars.

VAT

VAT registration limit is £83,000 pa and de registration limit is £81,000 pa.

National insurance

Employed

Employees – class 1 NIC

Earnings period	Weekly	Monthly	Annually
0%	Up to £155 pwk	Up to £672 pmth	Up to £8,060 pa
0% but protection of contributory benefits	£111 – £155 pwk	£481 – £672 pmth	£5,772 – £8,060 pa
12%	£155 – £827 pwk	£672 – £3,584 pmth	£8,060 – £43,000 pa
2%	> £827 pwk	> £3,584 pmth	> £43,000 pa

Employers – class 1 NIC is payable at 13.8% on earnings above £155 pwk, £672 pmth or £8,060 pa depending on basis period.

Self employed

Class 2 NIC weekly flat rate is £2.80. Where profit is equal to or > £5,965 for the year – or can be paid voluntarily. This will be collected with self assessment tax from 6 April 2016.

Class 4 NIC payable at 9% on profits between £8,060 and £43,000 and 2% on profits > £43,000.