NI

Question 1

Penalties for late payment of Class 1A (3)

Answer 1

• 5% if full payment not made within 30 days of falling due
• 5% more than 6 months later
• 5% where more than 12 months late

Question 2

Penalties for late payment of Class 1 (3)

Answer 2

• No penalty for 1st offence unless more than 6mths late
• Then 1% of late amount
• 5% penalty where payments more than 6 months later
• 5% further after 12 months

Question 3

When are Class 1A due?

Answer 3

• 22nd July after end of tax year

Question 4

NI for company directors - weekly or annually?

Answer 4

Annually!

Question 5

What happens with associated employments for NI?

Answer 5

• Aggregated

Question 6

Multiple employments - what happens?

Answer 6

• Can apply for deferment
• Only pay rate of 0% and 2% on deferred employment
• Recalculation done at the end of the tax year to work out shortfall