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.
- Part of Speech: proper noun
- Synonym(s):
- Blossary: HR and Payroll
- Industry/Domain: Accounting
- Category: General accounting
- Company:
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
South by Southwest (SXSW)
Annual set of original music, independent film, and emerging technologies interactive conferences and festivals held in Austin, Texas between 11-20 ...
Contributor
Featured blossaries
Browers Terms By Category
- Marketing communications(549)
- Online advertising(216)
- Billboard advertising(152)
- Television advertising(72)
- Radio advertising(57)
- New media advertising(40)
Advertising(1107) Terms
- Advertising(244)
- Event(2)
Marketing(246) Terms
- General packaging(1147)
- Bag in box(76)
Packaging(1223) Terms
- Algorithms & data structures(1125)
- Cryptography(11)
Computer science(1136) Terms
- Printers(127)
- Fax machines(71)
- Copiers(48)
- Office supplies(22)
- Scanners(9)
- Projectors(3)