NIC charge definition

NIC charge means a liability to pay national insurance contributions under section 6 (Class 1 contributions), section 10 (Class 1A contributions) or section 10A (Class 1B contributions) of the Contributions and Benefits Act.
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NIC charge means a liability to pay national insurance contributions
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Examples of NIC charge in a sentence

  • Condition A is that the payment or transfer gives rise both to an employment income tax charge and to an NIC charge.

  • WeeklyEarnings EarningsThreshold % AmountDue500 Earnings in excess of £962 per week are subject to a 2% Class 1 NIC charge.

  • Recent changes to this legislation have made it possible for the company and the employee to agree to transfer the employer's NIC charge to the employee.

  • However, the employer would almost certainly want to pay the tax on this rather than pass an accompanying P11D tax and NIC charge to the employee! The latter would somewhat defeat the purpose of the action.

  • When the cost of a working lunch or dinner is claimed on expense claim Expense Claim form (EC1) no tax or NIC charge will arise provided full details of the reason and attendees are given on the claim.

  • In summary, the legislation seeks to achieve a tax symmetry such that a Company making the contribution to the EBT could only receive a corporation tax relief as and when the EBT made a payment that gave rise to an income tax and NIC charge.

  • The authors and the firm cannot accept any responsibility for loss arising from any person acting or refraining from acting on the basis of the material included herein.» Class 2 NIC provides a year's credit towards the state pension and entitlement to certain other state benefits; Class 4 NIC provides you with no credits or entitlements at all.The Government had planned to combine Classes 2 and 4 NIC from 6 April 2018 and to attach the entitlement rights to thecombined NIC charge.

  • If an employer reimburses genuine business expenses to an employee, as this is not a taxable benefit, it will not give rise to a Class 1A NIC charge.

  • No tax or NIC charge will arise where modest refreshments are provided from the University’s facilities.

  • And when you use these sources, always refer to them according to an accepted academic style.

Related to NIC charge

  • Room charge means the charge imposed for the use or occupancy of a room, excluding charges for food, beverages, state use tax, telephone service, or like services paid in connection with the charge, and excluding reimbursement of the assessment imposed by this act.

  • SLDC Charges means the charges levied by the SLDC of the state wherein the Solar Power Project is located;

  • Rent and Charges Reserve means the aggregate of (a) all past due rent and other amounts owing by a Loan Party to any landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve equal to three months rent and other charges that could be payable to any such Person, unless it has executed a Collateral Access Agreement.

  • Monthly Charge shall have the meaning set forth in Article 5.

  • Additional Charge means a charge in accordance with Canon’s Current Rate; Additional Services means any service in addition to the Services to be provided by Canon under clause 21; Business Day means a day that is not a Saturday, Sunday or public holiday in the place where the Products or Services are being supplied;

  • No Charge Bid When Bids are requested on a number of Products as a Group or Lot, a Bidder desiring to Bid “no charge” on a Product in the Group or Lot must clearly indicate such. Otherwise, such Bid may be considered incomplete and be rejected, in whole or in part, at the discretion of the Commissioner.

  • Facility Charge means one percent (1%) of the Maximum Term Loan Amount.

  • parking charge means the charge paid by drivers to leave a vehicle in a parking place;

  • operating charge means any amount charged to a client by a registered firm in respect of the operation, transfer or termination of a client’s account and includes any federal, provincial or territorial sales taxes paid on that amount;

  • Capacity Charge means a charge for public facilities in existence at the time a charge is imposed or charges for new public facilities to be acquired or constructed in the future that are of proportional benefit to the person or property being charged, including supply or capacity contracts for rights or entitlements, real property interests, and entitlements and other rights of the local agency involving capital expense relating to its use of existing or new public facilities. A “capacity charge” does not include a commodity charge.

  • Track Charges means the charges payable by or on behalf of the Train Operator to Network Rail, as set out in paragraph 1 of Part 2 of Schedule 7 or under the Traction Electricity Rules;

  • CCAA Charges means the Administration Charge and the Directors’ Charge;

  • Non-Cash Charges has the meaning specified in the definition of the term “Consolidated EBITDA”.

  • Rental Charges means the charges payable for renting the Vehicle from Us together with GST and any other taxes or levies which are all fully set out in the Rental Agreement.

  • Late Charge shall have the meaning set forth in Section 13.09 hereof.

  • Administrative Charge means, with respect to any Lease, any payment (whether or not part of the fixed monthly payment) payable to the related Lessor representing a disposition fee, a late payment fee, an Extension Fee, an allocation to the related Lessee of insurance premiums, sales, personal property or excise taxes or any other similar charge.

  • Legal Charge means the legal charge over the Land to be entered into by the Academy Trust in favour of the Secretary of State, in a form and substance satisfactory to the Secretary of State.

  • Capital Charge means the deemed opportunity cost of employing Capital in the Company’s businesses, determined as follows: Capital Charge = Capital X Cost of Capital

  • User charge means a charge imposed on airlines for the provision of airport, air navigation, or aviation security facilities or services including related services and facilities.

  • Minimum Charge means the higher of the rate minimum and the rate applied to the Contracted Minimum Demand;

  • transaction charge means any amount charged to a client by a registered firm in respect of a purchase or sale of a security and includes any federal, provincial or territorial sales taxes paid on that amount;

  • Annual Debt Service Charge as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

  • Property Expenses means the costs (including, but not limited to, payroll, taxes, assessments, insurance, utilities, landscaping and other similar charges) of operating and maintaining any Eligible Property or Property which secures Other Recourse Debt that are the responsibility of the Borrower or the applicable Material Subsidiary that are not paid directly by any Tenant, but excluding depreciation, amortization, interest costs and maintenance capital expenditures.

  • Service Charge means the amount charged for making a service available on line and is in addition to the actual fee for a service itself. For example, one who renews a license on line will pay the license renewal fee and a service charge.

  • Account Charge means, in relation to each of the Charged Accounts, the first priority fixed charge or pledge over all such accounts given or to be given by the relevant account holder thereof in favor of and in form and substance satisfactory to the Security Trustee.

  • Monthly Charges means a finance carrying charge of one and one-half of one percent (1.5%) and a storage and handling charge of one-half of one percent (0.5%), in each case of the Cost of the Inventory and/or Special Inventory and/or of the fees for the Product affected by the reschedule or cancellation (as applicable) per month until such Inventory and/or Special Inventory and/or Product is returned to the vendor, used to manufacture Product or is otherwise purchased by Customer.