National Insurance explained by Video, how cool is that. Are you looking for a simple explanation of National Insurance (NI)? You have come to the right place
In this video, I am going to be talking about
- National Insurance specifically, what it is
- The rationale behind why you pay it
- Also, I add some numbers on how much people are paying in NI contributions
- The payers of NI
- Finally, I will comment on the proposed increase in contributions that’s going to kick in in April 2022.
So, if you’re interested in National Insurance explained and finding out more then please watch this video right now! You won’t regret it! And don’t forget to subscribe so that you can get all our latest videos as soon as they come out!
Thanks folks for watching National Insurance explained
National Insurance Rates
Below are the headline rates for NI, a summary shows you the big picture. Click here to dive deeper, make your head spin with all the different rates, percentages, allowances.
| Self Employed Main rate, followed by rate over threshold | Employees Main rate, followed by rate over threshold | Employers One main rate over threshold | |
|---|---|---|---|
| NIC % rate 21-22 | 9%, then 2% over threshold level | 12%, then 2% over threshold level | 13.8%, no upper limit |
| Earnings threshold 21-22 and 22-23 | Rate 1 £9,568-£50,270 | Rate 1 £9,568-£50,270 | £8,840 + |
| NIC % rate 22-23 | 10.25%, then 3.25% over threshold level | 13.25%, then 3.25% over threshold level | 15.05%, no upper limit |
Conclusion
Moreover, Explaining National Insurance is part of my mission is to inform, inspire and educate you to get closer to your numbers. Above all you can make more profit, save tax, save time, improve your well-being, financial understanding and your money mindset. How cool is that?
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