Autumn Statement 2014

Income tax rates and allowances

Class 1 Employee Not Contracted-Out of State Second Pension (S2P)
  2014/15 2015/16
NIC rate     
> Employee 12% 12%
> Employer  13.8% 13.8%
No NICs on the first    
> Employee £153pw £155pw
> Employer £153pw £156pw
NICs charged up to    
> Employee £805pw £815pw
> Employer No ceiling No ceiling
NICs on earnings over    
> Employee £805pw: 2% £815pw: 2%
> Employer N/A N/A
 
Employment Allowance 2014/15 2015/16
Deduction from Class 1 employer's NICs £2,000 per employer £2,000 per employer
 
Contracted-Out S2P Rebate 2014/15 2015/16
Reduction on band earnings
 £111.01-£770pw £112.01-£770pw
Rate    
> Employee 1.4% 1.4%
> Employer 3.4% 3.4%
 
Class 1A Employer 2014/15 2015/16
Most taxable employee benefits 13.8% 13.8%
 
Earnings Limit or Threshold (weekly) 2014/15 2015/16
Lower earnings limit £111 £112
Primary earnings threshold £153 £155
Secondary earnings threshold £153 £156
Upper earnings limit £805 £815
Upper secondary threshold for under-21s N/A £815
 
Self-Employed 2014/15 2015/16
Class 2  
> Flat rate £2.75pw £143.00pa £2.80pw £145.60pa
> Small earnings exception/profits threshold
 £5,885pa £5,965pa
Class 4
    
> On profits £7,956-£41,865pa: 9% £8,060-£42,385pa: 9%
  Over £41,865pa: 2% Over £42,385pa: 2%
 
Voluntary 2014/15 2015/16
Class 3    
> Flat rate £13.90pw £14.10pw
  £722.80pa £733.20pa

 

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