budget report 2010

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National Insurance Contributions (emergency budget

Class 1 (Employees) Not Contracted out of State Second Pension S2P
2010/11 2009/10
Employee: Employee:

No NICs where earnings
are up to £110 a week
11% NICs on £110.01-£844 a week
1% NICs over £844 a week

 No NICs where earnings
are up to £110 a week
11% NICs on £110.01-£844 a week
1% NICs over £844 a week
Employer: Employer:

No NICs on the first £110 a week
12.8% NICs over £110 a week

No NICs on the first £110 a week
12.8% NICs over £110 a week
   
Earnings limit or threshold 2010/11 2009/10
  Weekly Monthly Annual Weekly Monthly Annual
£ £ £ £ £ £
Lower limit (LEL) 97 421 5,044
 95 412 4,940
Earnings threshold
 110 476 5,715 110 476 5,715
Upper accrual point 770 3,337 40,040 770 3,337 40,040
Upper limit (UEL) 844 3,656 43,875 844 3,656 43,875
             
Contracted-out S2P rebate 2010/11 2009/10
Reduction on band earnings £97.01-£770 pw £95.01-£770 pw
Employer rate reduction:    
  • Salary-related scheme
 3.7% 3.7%
  • Money-purchase scheme
 1.4% 1.4%
Employee rate reduction 1.6%
1.6%
     
Class 1A (Employers) 2010/11
 2009/10
Most taxable employee benefits 12.8% 12.8%
     
Class 2 (Self-Employed) 2010/11 2009/10
Flat rate £2.40 pw
£124.80 pa
£2.40 pw
£124.80 pa
Small earnings exception
 £5,075 pa £5,075 pa
     
Class 4 (Self-Employed) 2010/11 2009/10
On profits £5,715-£43,875 pa
8%		 £5,715-£43,875 pa
8%
  Over £43,875 pa
1%		 Over £43,875 pa
1%
     
Class 3 (Voluntary) 2010/11 2009/10
Flat rate £12.05 pw
 £626.60 pa
 £12.05 pw
£626.60 pa

Budget Summary

  1. Introduction
  2. Personal and Trust taxation
  3. Capital Gains Tax
  4. Value Added Tax
  5. Miscellaneous issues
  6. National Insurance Contributions (emergency budget

Tax Tables

  1. Basic State Pension
  2. Capital Gains Tax
  3. Car Benefit For Employees
  4. Company Cars
  5. Corporation Tax
  6. Fuel Benefit
  7. Income Tax
  8. Inheritance Tax
  9. Individual Savings Accounts (ISAs)
  10. Main Capital and Other Allowances
  11. Main Due Dates for Tax Payment
  12. Main Personal Allowances and Reliefs
  13. National Insurance Contributions
  14. Registered Pensions
  15. Stamp Duties
  16. Tax-Free Mileage Allowance
  17. Value Added Tax

Emergency Budget 2010 Video

We have recorded the Emergency Budget 2010 seminar that one of our Tax Partners, Steve Wood, ran on June 23rd.

This recording has been broken down into bite-sized chunks and published in our Seminar Videos section.

These videos are a great way to digest the information the Chancellor presented in the Emergency budget.

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Recordings of our Budget 2010 seminars in March are also available to view.

Click here to watch our March Budget 2010 Seminar.

Watch Now

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Download our PDF Summary

We've summarised all of the key points of the budget in the following documents

Budget Summary Tax Facts