DOCSLIB.ORG

UK Tax and National Insurance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
UK Tax and National Insurance Websites for further information About our information for new staff from overseas Tax and NI information: www.imperial.ac.uk/finance/sections/payro ll/incometaxnatinsurance We wish to provide helpful and easily digestible information to our new members of staff arriving from over- International tax issues: seas. We hope that in this way we are www.hmrc.gov.uk/international/personal Information for new able to support you in your prepara- tions to join us and during your first staff from overseas few months in London. Coming to the UK from the EEA: We have a dedicated set of webpages http://www.hmrc.gov.uk/nic/work/ni-uk and supporting leaflets which we hope will ease your transition into life in the Applying for an NI number: UK. www.direct.gov.uk/en/MoneyTaxAndBenef Please visit our Overseas Staff web- its/Taxes/BeginnersGuideToTax/NationalI pages at: nsurance www.imperial.ac.uk/hr/procedures/ recruitment/overseas HM Revenue and Customs: www.hmrc.gov.uk Here you will find information on the following topics: Permission to Work Essential Travel Items Bank Accounts Tax and National Insurance Pensions UK tax and Accommodation Childcare and schooling Imperial College London Healthcare National Living in the UK Insurance Our New Staff webpages will also be a useful source of information to you as Exhibition Road you prepare to take up your appoint- South Kensington ment with College and as you settle London Helping you make the into employment with us. Please view SW7 2AZ these webpages at: transition to life in the UK www.imperial.ac.uk/newstaff Tel: +44 (0)20 7589 5111 www.imperial.ac.uk/hr www.imperial.ac.uk/newstaff www.imperial.ac.uk/newstaff Class 1 NI contributions you have paid for that The main way to apply for an NI number is through pay period. After the end of the tax year, your Tax and the Fast-Path Service. Alternatively however em- employer will give you a Form P60 which will ployees can use the ‘Evidence of Eligibility Inter- show you the total amount of Class 1 NI contri- National Insurance view’ route. Please contact your HR representa- butions you have paid in that tax year with that tive to discuss the most appropriate way for you to employer. apply for an NI number. Income Tax Anyone who is in paid employment normally has If you do not meet the criteria for applying for an NI to pay income tax (also know as Pay As You number through the Fast-Path Service, you will Benefits from Class 1 NI Contributions Earn). You will be taxed according to your earn- need to contact Jobcentre Plus on 0845 600 0643 ings. Tax is deducted directly from your pay via to arrange an ‘Evidence of Eligibility Interview’. At Class 1 contributions count for the following the College Payroll Office. the interview you will be required to provide infor- benefits: The College's Finance website con- mation about your background and personal cir- the basic State Pension tains comprehensive tax information cumstances. You will also have to prove your iden- the additional State Pension, sometimes for employees coming from over- tity. Bring as many 'identity documents' (originals, called the State Second Pension seas. The HM Revenue and Cus- not photocopies) as you can to your interview. Ex- toms (HMRC) website will provide Jobseeker's Allowance - the 'contribution- amples of documents which count are: based' element further information on international valid passport (UK or foreign) tax issues such as paying UK tax on Employment and Support Allowance - the national identity card (UK or foreign) overseas income or information on 'contribution-based' element residence permit or residence card including double taxation. Maternity Allowance biometric immigration resi- bereavement benefits - Bereavement Allow- dency documents National Insurance ance, Bereavement Payment and Widowed Par- full birth or adoption certificate A National Insurance (NI) number is a personal ent's Allowance number issued by the Department for Work and full marriage or civil partner- Incapacity Benefit Pensions (DWP) and is used: ship certificate a) To record a person’s NI contributions and driving licence (UK or foreign) Should you have a query regarding your National credited contributions; If you do not have any of these - or other - identity Insurance registration; please contact the HM b) As a reference number for the whole social documents you still must go to the interview. The Revenue and Customs helpline on 0845 302 security system. information you are able to provide might be 1479. You may also wish to view the College Your NI number is personal to you. It is your enough to prove your identity. Finance webpage on UK Income Tax and Na- account number for all dealings with the Inland During the interview a National Insurance number tional Insurance Revenue and the DWP. It is not proof of identity. application form will be completed and you will be It looks similar to this: AB 12 34 56 C. asked to sign it. For more information on the Evidence of Eligibility If you delay obtaining a NI number this can af- Interview please visit Directgov fect your contribution record and delay payment Once you have been notified of your National Insur- of benefit if applicable. You should also show your NI number on any letters or forms you send ance number, please inform your HR representative to any part of the HMRC or DWP. as soon as possible, so that your records can be Coming to the UK from European Eco- updated. nomic Area Countries (EEA) There are special rules in force if you are coming How are my National Insurance contribu- to the UK from the EEA or Switzerland. Full tions collected? details are available from the HMRC website. Your Class 1 contributions are normally collected along with Income Tax under PAYE (Pay As You How do I obtain a National Insurance Earn). The College is responsible for paying your Number? contributions and its own and it will be deducted Details of how to obtain a National Insurance from your pay automatically. number can be obtained from the Department for Work and Pensions. Your online salary slip will tell you the amount of .
Load more

Recommended publications
  • Apprenticeship-Levy.Pdf
    THE APPRENTICESHIP LEVY A Guide for Employers The Apprenticeship Levy Contents Introduction 3 How much will you pay? 4 How will you pay the levy? 5 What does your business get in return for paying the levy? 5 Common Questions 6-10 If you have any questions or queries about The Aprrenticeship Levy and how it will affect your organisation Call us on 03331 123456 WHITEPAPER The Apprenticeship Levy I PAGE 2 The Apprenticeship Levy Introduction In June 2015, the government announced it would create 3 million apprenticeships by 2020 to tackle the widening skills gaps in the labour market and poor employment opportunities for young people. A large proportion of the cost that will be needed to fund this will be generated by the new Apprenticeship Levy, which was announced in the Autumn 2015 Statement and Came into play on 6th April 2017. In a nutshell The Apprenticeship Levy is a charge payable to the government at a fixed 0.5% of an employer’s total UK wage bill. It is applicable to all employers across all sectors BUT, as each employer is given a £15,000 allowance, in effect it means that only companies with a wage bill of over £3 million per year will have to pay. The levy will be paid monthly through your PAYE alongside your tax and NI. It is based on your total employee earnings and does not include other payments, such as benefits in kind. The levy came into effect on 6th April 2017 with the first payment date included in the May 2017 pay run.
    [Show full text]
  • Self-Employed
    Simplifying the National Insurance Processes for the Self-Employed Consultation document Publication date: 18 July 2013 Closing date for comments: 9 October 2013 Subject of this This consultation looks at the option of collecting Class 2 National consultation: Insurance Contributions (NICs) alongside Class 4 NICs and income tax through the Self Assessment process. Scope of this No decisions have been taken that commits collecting Class 2 NICs consultation: through Self Assessment. This consultation seeks to test whether collecting Class 2 NICs alongside income tax and Class 4 NICs would be simpler and reduce the administrative burden on the self-employed community. Who should Self-employed people, agents who act on the behalf of self-employed read this: people and bodies that represent self-employed people. Duration: 18th July 2013 to 9th October 2013 Lead official: Samantha Tennakoon HM Revenue & Customs (HMRC) 100 Parliament Street Room 1E/17, 100 Parliament Street London SW1A 2BQ Telephone: 0207 147 0582 Email: [email protected] How to respond Responses can be made to Samantha Tennakoon at the above postal or enquire or e-mail address. about this consultation: Additional ways In order to engage interested parties as widely as possible with the to be involved: consultation we would be happy to meet with representative bodies, agents and individuals. Please use the contact details above if you wish to arrange such a meeting. 2 After the A summary of responses will be published at Autumn Statement and an consultation: update of this work will be given at that time. Getting to The Office for Tax Simplification recommended in their Review of Small this stage: Business in 2012 that the Government review the NICs processes for the self-employed and look at collecting Class 2 NICs through the Self Assessment process.
    [Show full text]
  • P60 End of Year Certificate Employee's Details Tax Year to 5 April 2012 Surname Forenames Or Initials
    P60 End of Year Certificate Employee's details Tax year to 5 April 2012 Surname Forenames or initials To the employee: National Insurance number Works/payroll number Please keep this certificate in a safe place as you will need it if you have to fill in a tax return. You also need it to make a claim for tax credits or to renew your claim. Pay and Income Tax details It also helps you check that your employer is Pay Tax deducted using the correct National Insurance number and £ p £ p In previous deducting the right rate of National Insurance employment(s) contributions. if refund mark ‘R’ By law you are required to tell HM Revenue In this ૽ & Customs about any income that is not employment fully taxed, even if you are not sent a tax return. HM Revenue & Customs Total for year Employee’s Widows & Orphans/Life Assurance ૽ contributions in this employment The figures marked ૽ should be used for your tax return, if you get one Final tax code National Insurance contributions in this employment NIC Earnings at the Earnings above Earnings above the Earnings above the Employee's table Lower Earnings the LEL, up to PT, up to and UAP, up to and contributions due on all letter Limit (LEL) and including the including the Upper including the Upper earnings above the PT (where earnings Primary Accrual Point (UAP) Earnings Limit (UEL) are equal to or Threshold (PT) exceed the LEL) £ £ £ £ £ p Statutory £ pOrdinary £ p Additional £ p Statutory payments Maternity Statutory included in the pay ‘In this Statutory Pay Paternity employment’ figure above Paternity Pay Pay Statutory £ p Adoption Pay Other details Your employer's full name and address (including postcode) £ Student Loan deductions in this employment (whole £s only) Employer To employee PAYE reference Certificate by Employer/Paying Office: This form shows your total pay for Income Tax purposes in this employment for the year.
    [Show full text]
  • Uk Tax Quarterly Update - May 2021
    May 24, 2021 UK TAX QUARTERLY UPDATE - MAY 2021 To Our Clients and Friends: Spring 2021 brought two key developments to the UK tax landscape. There was the Budget announcement delivered on 3 March (together with the Finance Bill 2021 published on 11 March), setting out medium-term tax and spending plans as the UK economy emerges from the COVID-19 coronavirus. This was followed by “Tax Day” on 23 March through which more than 30 tax policies and consultations were published with the aim to modernise UK tax administration and policy development. It is perhaps too early to comment on the long-term effects of the COVID-19 coronavirus, however the UK government appears to be alert to the need for both short-term investment incentives to businesses, as well as longer-term increases in taxes to finance a broadening UK budget deficit. With the Chancellor agreeing to hold the Conservative Party’s 2019 “triple tax lock” manifesto pledge not to increase the rates of income tax, national insurance and VAT, it is not surprising then that UK corporation tax was in the spotlight for this year’s Budget. The main rate is set to increase from April 2023 to 25% on profits over £250,000 (whilst the rate for small profits under £50,000 will remain at 19%, with relief for businesses with profits under £250,000 so that they pay less than the main rate). Interestingly, the threshold rate of tax for meeting the excluded territories exemption under the UK’s controlled foreign company rules would rise from 14.25% to 18.75%.
    [Show full text]
  • CA44 HMRC 12/20 Help and Guidance You Can Get Help and Guidance from the Following Sources
    National Insurance for company directors This booklet gives detailed information about paying National Insurance contributions (NICs) for company directors. It also tells you about special or unusual cases. Use from 6 April 2020 to 5 April 2021 CA44 HMRC 12/20 Help and guidance You can get help and guidance from the following sources. The internet For help with your payroll, go to www.gov.uk/business-tax/paye For wider interactive business help, go to www.gov.uk/set-up-business Webinars Webinars are a way of learning about your payroll, such as ‘Getting payroll information right’. This webinar covers the most common errors that employees make when submitting information to HMRC. It shows you how to provide accurate data and avoid common payroll mistakes. For information on this and other webinars, go to www.gov.uk/guidance/help-and-support-for-employing-people Any page printed from the online version of this helpbook is uncontrolled and may not be the latest version. We recommend that you always check you’re referring to the latest online version. Online services For information and help using the online services, go to www.gov.uk/log-in-register-hmrc-online-services For help with our online services, contact the helpline by: • telephone 0300 200 3600 • textphone 0300 200 3603 Basic PAYE Tools The Basic PAYE Tools is software that you download onto your computer. It will help you run your payroll throughout the year. It’s designed for employers who have 9 or fewer employees, and you can use it calculate payroll deductions and then report payroll information online in real time.
    [Show full text]
  • National Insurance Act
    LAWS OF SAINT VINCENT AND THE GRENADINES REVISED EDITION O NATIONAL INSURANCE ACT CHAPTER 296 Act No. 33 of 1986 Amended by Act No. 20 of 1987 Act No. 12 of2001 ActNo.9of2004 Act No. 18 of2007 ActNo.38of2007 Printed and published with the authority ofthe Government ofSaint Vincent and the Grenadines [Issue 1/2009] CAP. 296 National Insurance Act CHAPTER 296 NATIONAL INSURANCE ACT ARRANGEMENT OF SECTIONS Preliminary SECTION 1. Short title and commencement. 2. Interpretation. PARTI Administration andFinance 3. National Insurance Fund. 4. National Insurance Board. 5. Committees ofthe Board. 6. Remuneration ofthe Board and its committees. 7. Director. 8. Delegation by the Director. 9. Deputy Director. 10. Staff. 11. Terms and conditions ofemployment. 12. Inspectors. 13. National Insurance Investment Committee. 14. Investment ofmonies. 15. Temporary insufficiency ofassets. 16. Accounts and audit. 17. Review ofoperation ofAct. PART II InsuredPersons and Contributions 18. Persons to be insured. 19. Voluntary insurance. 20. Source offunds. 21. Contribution by employed persons and employers. 22. Exemption from liability for and crediting ofcontributions. 23. Employment by more than one employer. 24. Persons to be treated as employers. 25. General provisions as to payment and collection ofcontributions, etc. PART III Benefits 26. Description ofbenefits. [Issue 1/2009] CAP. 296 National Insurance Act SECTION 27. Employment injury benefit. 28. Regulations regarding rates ofbenefits. 1^9 29. Time and manner ofmaking claims. 30. Time and manner ofpaying benefits, disqualifications, etc. 31. Appointment and remuneration ofmedical officers. 32. Repayment ofbenefit improperly received. 33. Benefit to be inalienable. PART IV gg. Adjudication and Legal Proceedings 34. Determination ofclaims and questions.
    [Show full text]
  • The Recovery of Debt by the Inland Revenue
    House of Commons Committee of Public Accounts The recovery of debt by the Inland Revenue Forty–ninth Report of Session 2003–04 Report, together with formal minutes, oral and written evidence Ordered by The House of Commons to be printed 25 October 2004 HC 584 Published on 25 November 2004 by authority of the House of Commons London: The Stationery Office Limited £11.00 The Committee of Public Accounts The Committee of Public Accounts is appointed by the House of Commons to examine “the accounts showing the appropriation of the sums granted by Parliament to meet the public expenditure, and of such other accounts laid before Parliament as the committee may think fit” (Standing Order No 148). Current membership Mr Edward Leigh MP (Conservative, Gainsborough) (Chairman) Mr Richard Allan MP (Liberal Democrat, Sheffield Hallam) Mr Richard Bacon MP (Conservative, South Norfolk) Mrs Angela Browning MP (Conservative, Tiverton and Honiton) Jon Cruddas MP (Labour, Dagenham) Rt Hon David Curry MP (Conservative, Skipton and Ripon) Mr Ian Davidson MP (Labour, Glasgow Pollock) Rt Hon Frank Field MP (Labour, Birkenhead) Mr Brian Jenkins MP (Labour, Tamworth) Mr Nigel Jones MP (Liberal Democrat, Cheltenham) Jim Sheridan MP (Labour, West Renfrewshire) Mr Siôn Simon MP (Labour, Birmingham Erdington) Mr Gerry Steinberg MP (Labour, City of Durham) Mr Stephen Timms MP (Labour, East Ham) Jon Trickett MP (Labour, Hemsworth) Rt Hon Alan Williams MP (Labour, Swansea West) The following were also members of the Committee during the period of this inquiry. Ms Ruth Kelly MP (Labour, Bolton West) Mr George Osborne MP (Conservative, Tatton) Powers Powers of the Committee of Public Accounts are set out in House of Commons Standing Orders, principally in SO No 148.
    [Show full text]
  • Specification for Employer Substitute Forms P60
    RD1 P60 substitutes only from 6 April 2014 Specification for employer substitute forms P60 Forms P60 cover: This guide gives information on how to design substitute forms • PAYE Income Tax P60 ‘End of Year Certificate’ which employers may use instead of the • National Insurance contributions • Statutory Maternity Pay official form, at the end of the tax year. It also includes information on • Ordinary Statutory Paternity Pay how to adapt your substitute form P60 for a pension fund scheme and • Additional Statutory Paternity Pay what to do if you intend to issue the substitute form P60 to your • Statutory Adoption Pay • Student Loan deductions employees electronically. This revised edition applies for the tax year 2014–15. You can get a copy of this guide from our website. Go to www.hmrc.gov.uk/ebu/pnforms.htm Crown copyright Crown copyright applies to HMRC forms. The Stationery Office does not intend to seek payment from producers of substitute versions but proprietary suppliers should acknowledge Crown copyright when they release the forms to their customers. Official forms The following P60 forms are available free of charge from our available from our Employer Orderline. Employer Orderline P60(Single Sheet) Cut sheet A4 size portrait format, suitable for 0300 123 1074 (2014–15) completion by hand or by sheet-fed computer printer. See Illustration 1a on page 7. P60(Continuous) 12” x 8.25” portrait continuous form. Same content (2014–15) and computer print layout as the cut sheet P60(Single sheet)(2014–15). These HMRC forms fit into a standard DL window envelope. Although some proprietary payrolls will continue to support the P14/P60 computer print layout, the P60(LaserSheet-Landscape) and the P60(LaserSheet-Portrait) are no longer available from the Employer Orderline from the tax year 2012-13.
    [Show full text]
  • Your Social Security Rights in United Kingdom
    Your social security rights in the United Kingdom European Commission Employment, Social Affairs and Equal Opportunities Your social security rights in the United Kingdom The information provided in this guide has been drafted and updated in close collaboration with the national correspondents of the Mutual Information System on Social Protection (MISSOC). The MISSOC-Network, coordinated since 1990 by the European Commission, comprises up to two official representatives of the public administrations of 31 European countries (the 27 EU Member States, Switzerland, Liechtenstein, Norway and Iceland). MISSOC produces regularly updated information and analyses which are mainly used by officials, researchers and people moving within Europe. More information on the MISSOC network is available at: http://ec.europa.eu/social/main.jsp?langId=en&catId=815 This guide does not provide an exhaustive description of the social security arrangements applicable in this country. For more detailed information on social security in this and other European countries, please refer to the MISSOC Comparative Tables, the MISSOC Charts and Descriptions of the Organisation of Social Protection and to the MISSOC Annex on Social Protection for the Self-employed, all available at the abovementioned link. Neither the European Commission nor any person acting on behalf of the Commission may be held responsible for the use that may be made of the information contained in this publication. © European Union, 2011 Reproduction is authorised provided the source is acknowledged. 2 December 2010 European Commission Employment, Social Affairs and Equal Opportunities Your social security rights in the United Kingdom Chapter I: Introduction, organisation and financing.....................................................5 Introduction..................................................................................................................................... 5 Organisation of social protection...............................................................................................
    [Show full text]
  • ARGENTINA International Comparison of Insurance Taxation October 2007 ARGENTINA International Comparison of Insurance Taxation October 2007
    ARGENTINA International Comparison of Insurance Taxation October 2007 ARGENTINA International Comparison of Insurance Taxation October 2007 Argentina – General Insurance 1 Definition Accounting Taxation Definition of property and casualty insurance Property and casualty insurance companies are Not defined by tax legislation. company those that insure the assets of the insured party. 2 Commercial accounts/ Accounting Taxation Tax and Regulatory returns Basis for the company’s commercial accounts Generally accepted accounting principles (GAAP) Taxation based on statutory accounts. and specific standards stated by the Regulatory Authority (National Insurance Superintendency - NIS) and the local accountant’s Board. Regulatory return The National Insurance Superintendency requires Balance sheet special form must be filled-in. the following separate returns: - Annually: statutory account (subject to full audit), report to management plus other quarterly information (see below); - Quarterly: statutory accounts (with limited review report), solvency requirements (including attestation report), technical reserves coverage, statement of coverage for due liabilities and claims payable (including attestation report) and other detailed statistical information. Tax return N/A. - Annually: Income Tax and Minimum Notional Income Tax returns. - Monthly: VAT (excise tax) and Turnover Tax returns. 2 ARGENTINA International Comparison of Insurance Taxation October 2007 Argentina – General Insurance (continued) 3 Technical reserves/ Accounting Taxation Equalisation reserves Unearned premium reserves (UPR) This reserve is required to be established for the Allowed as per accounts. unexpired portion of the premiums written on a policy-by-policy basis. It should be considered the related acquisition costs and reinsurance. Unpaid claims reported Calculated on case-by-case basis (loss ratios Accounts provision deductible in full. can be applied for lawsuits reserves).
    [Show full text]
  • December 2020 COVID-19 Developments
    Tax Round Up December 2020 Welcome to December’s edition of our UK Tax Round Up, and a happy new year to our readers. From a tax perspective, December was an For more information, interesting month which included the announcement of a significant please contact: narrowing of the UK DAC 6 reporting obligations, the handing down of the Stephen Pevsner long-awaited verdict in the Development Securities tax residence case Partner and the publication of a second stage HMRC consultation with a view to t: +44.20.7280.2041 [email protected] increasing the attractiveness of the UK as an asset holding company jurisdiction. Robert E. Gaut Partner t: +44.20.7280.2064 COVID-19 Developments [email protected] Tax exemptions for coronavirus antigen costs Catherine Sear Partner t: +44.20.7280.2061 Draft regulations providing for employee and employer national insurance contribution (NIC) [email protected] exemptions from payments made to employees to cover the cost of a coronavirus antigen test (whether an advance payment or a reimbursement) have been laid before Parliament in respect of tests taken between 25 January 2021 and 5 April 2021 (the end of the 2020-21 tax year). This publication is a service to our clients and friends. It is designed only The NIC regulations follow the income tax exemption legislated for last month in respect of to give general information on the employees being provided with a coronavirus antigen test by their employer, although the income developments actually covered. It is tax exception does not apply to payments made to employees to cover the cost of antigen tests in not intended to be a comprehensive the way the NIC exemption does.
    [Show full text]
  • UK Budget 2016: CGT, Stamp Duty, More Anti-Avoidance and a Boost for Entrepreneurs
    UK Budget 2016: CGT, stamp duty, more anti-avoidance and a boost for entrepreneurs 16 MARCH 2016 CATEGORY: ARTICLE By George it's a (sugar free) sweetener… Against what he described as a backdrop of storm clouds gathering, George Osborne sought to deliver an upbeat Budget with a surprising amount of good news. There are, as we have come to expect, a number of headline-grabbing measures, chief of which is likely to be the reduction of capital gains tax from 28% to 20% for higher rate taxpayers, as of 6 April 2016. This is, of course, subject to some caveats but that is no more than we have come to expect. Not just favouring individuals, we will see the corporation tax rate reduced to 17% by 2020, making the UK one of the most competitive jurisdictions in the EU from that perspective. Combined with the extension of entrepreneurs' relief to passive investments in unlisted businesses, this goes a good way to making the UK a very attractive place to do business. How is this all to be paid for? This is especially interesting given that tax policy decisions only generate revenue from 2019/20, and indeed cost £960m and £470m respectively over the 2017/18 and 2018/19 tax years. The answer, which should come as no surprise, is in part by a further clampdown on avoidance. The much discussed GAAR is to be strengthened by the introduction of a penalty of up to 60% of any tax counteracted by it. Might this be to discourage those tempted to perform a little alchemy by converting income into capital, given the growing disparity in rates? Let us also not forget that, as of April 2017, longer term non-domiciled residents will be taxed on their worldwide income and gains (at least in relation to directly held assets), which seems likely to generate some revenue.
    [Show full text]