News: March 2014
National Insurance
Employees
The rates and thresholds for National Insurance Contributions for 2014/15 are:
| Class: | Weekly earnings | Rate |
|---|---|---|
| Employer’s class 1 above primary threshold | Above £153 | 13.8% |
| Employee’s class 1 not contracted out | From £153 to £805 | 12% |
| Employee’s additional class 1 | Above £805 | 2% |
| Married woman’s rate* | From £153 to £805 | 5.85% |
| Self-employed class 2(per week) | – | £2.75 |
| Share fishermen class 2 (per week) | – | £3.40 |
| Volunteer development workers class 2 | – | £5.55 |
| Class 3 ( per week) | – | £13.90 |
| Annual profit thresholds | ||
| Small earnings exemption class 2 | £5,885 | – |
| Self-employed class 4 | From £7,956 to £41,865 | 9% |
| Self-employed class 4 additional rate | Above £41,865 | 2% |
*only available for women who made a valid married woman’s election before 11 May 1977.
Self-employed
From April 2016 class 2 NICs will be collected through self-assessment, rather than been paid as a separate direct debit on a monthly or six-monthly basis.
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