Stopfords
Stopfords

Directors and others on minimum salary 2016/17

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Anyone who is currently being paid a salary of £670 per month (or £155 per week) in order to secure National Insurance Contributions should note that, as there has been no increase in the National Insurance bands from 6 April 2016, this continues to be the amount to pay for 2016/17.

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For the last 2 years there has been a £2,000 allowance available to employers to set against their employers National Insurance liability for the year. This increased to £3,000 from 6 April 2016 and no action is required if you claimed the allowance for 2015/16.

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The difference between the amount of Self-Assessment and PAYE tax due for the year and the actual amount collected by HM Revenue & Customs reached £8.5bn in 2013/14. This is an increase of almost 10% on the corresponding figure for 2012/13.

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