|
The Budget 2005 |
|
||||
 |
|
| |
|
The Budget
2005 - National Insurance Contributions
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005/06 | 2004/05 | |||||
| Employee | No NICs where earnings are up to £94 a week | No NICs where earnings are are up to £91 a week | ||||
| 11% NICs on £94.01- £630 a week | 11% NICs on £91.01-£610 a week | |||||
| 1% NICs over £630 a week | 1% NICs over £610 a week | |||||
| |
||||||
| Employer | No NICs on the first £94 a week | No NICs on the first £91 a week | ||||
| 12.8% NICs over £94 a week | 12.8% NICs over £91 a week | |||||
| 2005/06 | 2004/05 | |||||
| Earnings limit or threshold |
Weekly | Monthly | Annual | Weekly | Monthly | Annual |
| £ | £ | £ | £ | £ | £ | |
| Lower limit (LEL) | 82 | 356 | 4,264 | 79 | 342 | 4,108 |
| NICs start | 94 | 408 | 4,895 | 91 | 395 | 4,745 |
| Upper limit (UEL) | 630 | 2,730 | 32,760 | 610 | 2,644 | 31,720 |
| Contracted-out S2P rebate | 2005/06 | 2004/05 |
| Reduction on band earnings | £82.01- £630pw | £79.01- £610pw |
| Employer rate reduction | ||
| • Salary-related scheme | 3.5% | 3.5% |
| • Money-purchase scheme | 1.0% | 1.0% |
| Employee rate reduction | 1.6% | 1.6% |
| Class 1A (Employers) | ||
| Most taxable employee benefits | 12.8% | 12.8% |
| Class 2 (Self-employed) | 2005/06 | 2004/05 |
| Flat rate | £2.10pw £109.20pa | £2,05pw £106.60pa |
| If earnings are over | £4,345pa | £4,215pa |
| Class 4 (Self-employed) | 2005/06 | 2004/05 |
| On profits | £4,895-£32,760pa 8% | £4,745-£31,720pa 8% |
| Over £32,760pa 1% | Over £31,720pa 1% | |
| Class 3 (Voluntary) | 2005/06 | 2004/05 |
| Flat rate | £7.35pw £382.20pa | £7.15pw £371.80pa |
 |
About
our Firm | About our
Clients | A-Z
of Services | Business
Services | Personal
Client Services © Copyright Glazers 2010. All rights reserved. This information has been produced for general interest. It is therefore essential to take advice on specific issues. We are unable to take responsibility for any outcome resulting from acting upon, or refraining to act upon, this information. |
| Websites for Accountants |
