Glossary beginning with N

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N

National Insurance contributions: National Insurance (NI) contributions are an amount of money that’s paid to the Government a percentage of your income if you are aged over 16 but under the pension age (currently 60 for women, 65 for men) and you earn more than the minimum threshold. They go towards providing for state pensions, as well as other state-provided benefits. If you are an employee, NI is deducted from your pay before it is paid to you.
Neighbour disputes: Legal disputes between neighbours, often related to noise, threats of violence or obstructed access to property.
Non-taxpayers: If you don’t pay tax because your income is below the personal allowance threshold, then you can choose to receive gross interest (interest without tax deducted). Remember, the interest from investments could take you over the threshold. You can also reclaim any overpaid tax provided you make your claim within set time limits, usually around six years. If you want to receive your interest gross, you should complete Tax Form R85, which you can pick up from your bank, building society or savings provider, or find at www.hmrc.gov.uk/taxback/forms.htm