Business, Legal & Accounting Glossary
National Insurance is a back door tax by the Treasury.
The money collected from income earners is used to pay for most social security benefits.
There are four types of National Insurance (NI) contributions.
Who pays what?
The self-employed receive no extra social security benefits for paying Class 4. It’s worth noting, however, the self-employed receive a modest amount of tax relief on Class 4 contributions.
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This glossary post was last updated: 15th February, 2020 | 0 Views.