Who Pays NICs and Who Will be Affected?
NICs are paid by employees, the self-employed, and employers on behalf of their employees. The increase in NICs will apply to employees and self-employed individuals who earn above the current primary threshold limit of £9,568. Those who earn below £9,568 amount are not required to pay NICs. However, as of April 2022, the current primary threshold limit will increase to £9,880.
How Much NICs Will I Be Paying?
Currently, employees who earn above £9,568 pay the main rate of 12%, increasing to 13.25% from April 2022. Employers who pay on behalf of their employees who earn above the current NICs threshold of £8,840, currently pay 13.8%, rising to 15.05% from April 2022. Finally, self-employed people who earn above £9,568 currently pay the main rate of 9%, rising to 10.25% from April 2022.
Employees and self-employed individuals who earn above the higher-rate threshold of £50,270, pay a rate of 2%, increasing to 3.25% from April 2022. Employers who pay on behalf of their employees who earn above the higher rate threshold pay 13.8%, rising to 15.05% in April 2022.
How We Can Help
Our London-based payroll department provides a high-quality payroll service to small, medium, and large corporate companies, as well as companies setting up in the UK or employing staff in the UK for the first time.
Our payroll department processes in excess of 480 payrolls for both UK and overseas businesses with a cumulative employee count of 4,500.
FOR FURTHER ADVICE
CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.
DAVID HARPER
Senior Payroll Manager
David has managed the payroll department for the last 25 years, and has a total of 32 years payroll experience, David’s experience ranges in various sectors including recruitment, financial services, media and restaurants with up to 200 employees.
MELANIE GOWER
Payroll Manager
Melanie manages the payroll department with clients in various sectors including recruitment, financial services, media, bars and restaurants.
ANDREW LEWIS
Senior Tax Manager
Andrew manages the firms personal tax department, including a portfolio of personal tax clients such as High Net Worth Individuals, Self Employed, Directors, Landlords, Non-Residents and Partnerships. Andrew also has significant experience in dealing with HMRC tax investigations and disputes including Section 9A enquires, the Worldwide Disclosure Facility (WDF), Code of Practice 9 and the Contractual Disclosure Facility.
