Small Business Tax Dictionary

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National Insurance

National Insurance is a system in the United Kingdom where contributions are made by employees, employers, and the self-employed towards certain state benefits. These benefits include the State Pension, unemployment benefits, and sickness and disability allowances. Understanding and managing National Insurance contributions are vital for both individuals and businesses in the UK, affecting financial planning, legal compliance, and access to social support. National Insurance promotes social responsibility and provides a safety net for individuals, contributing to overall societal well-being and financial security.