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Hi,
I am a bit confused for NIC. Lets say NIC Class 1 employer. Is the rate for each salary or the aggregate amount of the salary ?
For example Tesco has 2 employee with a salary of £7,000 each. How many NIC Tesco has to pay ?Option 1 : NIL because for the each salary is not over the 7488
Option 2: the agrregate amount of salary are £14,000, therefore the salary from £7489 to £14,000 is tax @ 2% ?
Thank you.
Employer’s NIC are based on each employee’s salary so option 1 is your answer. Also remember that if an employee’s salary exceeds 7488 the employer rate is 13.8%
Thank you.. 🙂
Is the same principle applies to NIC Class 2 & 4 ?
Eg: same person has 2 separate business ? Therefore 2 separate NIC rate ?
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