Home > Terms > English, UK (UE) > National Insurance Contribution (NIC)

National Insurance Contribution (NIC)

If you start working for yourself, you're classed as a sole trader - even if you've not yet told HM Revenue and Customs.

You must register and follow rules for self-employed tax and National Insurance.

Other ways to work for yourself

Instead of being a sole trader, you might find that a different legal structure is better for your business.

You can:

become a partner in a business partnership

set up your own limited company

If you set up a limited company, you're not classed as self-employed but as both an owner and employee of your company. You'll follow different rules on tax and National Insurance.

0
Collect to Blossary

Member comments

You have to log in to post to discussions.

Terms in the News

Featured Terms

Harry8L
  • 0

    Terms

  • 0

    Blossaries

  • 1

    Followers

Industry/Domain: Banking Category: Investment banking

Muppets

A term used by Goldman Sachs staff to refer to the bank's clients, or stupid people as the puppet characters created by Jim Henson in the 1950s. In an ...

Contributor

Featured blossaries

Top 10 Places to Visit on a Morocco Tour

Category: Travel   1 10 Terms

20 types of friends every woman has

Category: Entertainment   5 22 Terms