What Does National Insurance Pay For. Get All You Need To Know About National Insurance. Check This Post Now.
Are you interested in National insurance? Do you want to know more about National insurance ? Then you have come to the right platform for this information. In this article, i am going to show you everything about National insurance that you probably didn’t know before. Let’s get right into it.
What Is National Insurance?
National insurance is simply a tax placed on your earnings or your self employed profits. Your national insurance stand to be contributions which some state benefits such as state pensions, maternity leave as well as other unemployment benefits are paid.
Who And Who Are To Pay National Insurance?
Basically, national insurance should be paid by employer, employees as well as self employed people. However, if you have gotten to state pension age, you would not need to pay national insurance anymore.
How Is National Insurance Calculated?
If your pay is £242 to £967 in a week, you pay 13.25%. If your pay is more than £967 in a week, you pay 3.25%
You would however pay less if you are a married woman or you are a widow.
What Will Happen If I Don’t Pay My National Insurance?
Many people want to know what will happen if they do not pay national insurance and what exactly it pays for. Well, if you do not pay National insurance, you would not be entitled to some state benefits. However, every benefit you would probably get is based on of you are an employer, employee or you are self employed.
One thing you need to know is that you would need to pay National insurance for a number of years before you would be entitled to any of the state benefits.
What Does National Insurance Pay For?
We already mentioned that National insurance is tax on earned income. Hence, National insurance pays for state benefits.
How Can I Pay For National Insurance?
For employees, National insurance is automatically deducted from you monthly pay. However, if you are an employer or self employed, you would need to organize the contributions yourself. Most times, it is done through your self assessment tax return.
What Does National Insurance Number Mean?
National insurance number is simply an identity number so that the government would know how much you have paid. Everybody is entitled to just one National insurance number which they would keep using throughout the course of their lifetime.
Every number is unique as no two persons can have the same National insurance number. It contains two letters, six numbers as well as a final letter.
How Can I Apply For My National Insurance Number?
Generally, if you live in the UK,as a citizen, you would receive your own national insurance number before you become 16 years old. However, there are chances that you might not receive, if you are under 20, and you haven’t received yours, you can call the national insurance helpline 0300 200 3500. If you are older than 20, you can call 0800 141 2075.
What Should I Do If I Lose My National Insurance Number?
If you have lost your national insurance number, you cannot get a new one. Hence, you need to keep it very safe. However, you can can get it recovered by logging into your online tax account of you have one or you can check your pay slip as well.
Can i Work Without A National Insurance Number?
You would need to apply for national insurance before you work in The UK but you can apply for jobs if you have already applied for National insurance number. However, you would need to make your employer updated as soon as you get it.
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