ESB Accountancy lists the National Insurance rates for businesses and employees in 2019
National Insurance contributions
For 2019/20 the lower earnings limit for Class 1 National Insurance purposes is increased to £118 per week, the primary and secondary thresholds are increased to £166 per week and the upper earnings limit is increased to £962 per week.
The secondary threshold for under 21s and the apprentice upper secondary threshold, which are aligned with the upper earnings limit, also rise to £962 per week.
The main rate of employee Class 1 National Insurance contributions, payable on earnings between the primary threshold and the upper earnings limit, remains at 12% and the additional primary rate, payable on earnings in excess of the upper earnings limit, remains at 2%.
The employer rate, payable on earnings above the relevant secondary threshold, remains at 13.8%, as does the Class 1A and Class 1B rate.
The employment allowance also remains at £3,000 for 2019/20.
The self-employed will continue to pay Class 2 and Class 4 contributions for 2019/20. Class 2 contributions are payable at a rate of £3 per week for 2019/20 where earnings exceed the small profits threshold, which is set at £6,365 for 2019/20.
Class 4 contributions are payable at the main rate of 9% on profits between the lower profits limit, set at £8,632 for 2019/20, and the upper profits limit, set at £50,000 for 2019/20, and at the rate of 2% on profits in excess of the upper profits limit.
The rate of voluntary Class 3 National Insurance contributions is set at £15 per week for 2019/20.
Please talk to us at ESB Accountancy to discuss how your business can comply with the new laws – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on email@example.com or click the Contact Us buttonor please fill the form at the bottom of the contact us page.