Skip to content

Posts tagged ‘Comment’

National insurance complicates quick-fire tax quiz

The scale of “financial ignorance” in Britain is shown in a credit card provider’s recent survey, according to The Times (£). Only one in three people know the standard rate of VAT, and the average score in a multiple-choice test on personal finance was 2.6 out of ten, it reported. Question 4 was:

“How much money do you have to earn now before you have to pay taxes in the UK?”

The answer provided in the article was £12,500, which is the income tax personal allowance for the current tax year 2019/20. But what about national insurance contributions? Read more