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National Insurance (NIC)

From April 2019 the National Living Wage rates are:

  • employees aged 25 and over:                     £8.21
  • employees aged between 21-24:              £7.70
  • employees aged between 18-20:              £6.15
  • employees aged between 16-17:              £4.35
  • apprentices up to age 19 or in their first year of apprenticeship: £3.90
For a full time worker aged 25 and over, the increase to £8.21 from April 2019 equates to being approximately £690 better off each year.
From April 2020 the Government will restrict Employment Allowance to businesses and charities with an employer NIC bill of under £100,000 to support smaller businesses.
As previously announced in September, the Government will not abolish Class 2 NIC during this Parliament.

 

If you have any questions on payroll matters our specialists are on hand to help, give them a call on 01228 711888.