LustyLew World Chat Champion
Joined: 19 Apr 2004 Karma :
|
Posted: 14:25 - 21 Mar 2007 Post subject: National Insurance contributions |
|
|
Hi guys,
I've just discovered my employer has not been paying me my loyalty bonus. Therefore they owe me a lump sum.
I've had a look on the HMRC web site but I'm no good with numbers.
Does anyone know how National Insurance contrubitions are calculated?
Any help/advice would be grateful!
Cheers ____________________ Like a Yorkie - I'm not for the girls |
|
Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
|
Posted: 14:30 - 21 Mar 2007 Post subject: |
|
|
on a week by week basis so the first 600ish is taxed @ 11% , anything above is taxed at 1% ,
if you are self employed or a director it is charged on a yearly basis over the gross amount, this lump sum may be more beneficial ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
|
Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
|
Posted: 14:32 - 21 Mar 2007 Post subject: |
|
|
let me think about it some more
anything over about £93 a week but under £650ish is taxed at 11% YOU pay ,(12.8% emp) ,
so that effectively if you were paid in one lump sum in one week , you'd pay 11% on everything under 650ish and 1% on everything above , on a weekly basis.
regressive taxes in action! (ie the less you earn the more tax you pay!) ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
|