Ni
Glossary
National Insurance
National Insurance (NI) is a UK tax paid by employees, employers, and the self-employed that funds the state pension and certain benefits.
Employees pay Class 1 NI on earnings above the Primary Threshold; employers pay secondary Class 1 contributions on top. The self-employed pay Class 2 (a flat weekly rate, although abolished in many cases from 2024) and Class 4 (a percentage of profits above the lower limit). Some directors of small companies pay themselves a salary just below the NI threshold to optimise the salary/dividend split.
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