National Insurance Contributions (NICs)
Payments collected by HMRC from employers, employees and the self-employed under the National Insurance system.
Also known as: NICs
Related terms
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Pay As You Earn (PAYE)
The HMRC system under which employers deduct Income Tax and National Insurance from employees’ pay and pass it to HMRC.
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Self Assessment
The HMRC system used by individuals and certain others to report income, calculate tax and pay liabilities not fully collected at source.
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HM Revenue & Customs (HMRC)
The UK tax authority responsible for collecting taxes including VAT, PAYE, Corporation Tax and Self Assessment liabilities.
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