National Insurance Contributions (NICs) are monies paid to the state as a contribution to various benefits such as the State Pension and must be paid by employers, employees and the self-employed.
Payments are collected through the "pay as you earn" (PAYE) income tax collection system. The employer must make appropriate deductions from earnings and make payments of both his and his employees' contributions each month.
The Latin term "Nemo dat quod non habet" means, in a UK legal context: "no one can give a better title than he has".
The Latin term "Nexus" means, in a UK legal context: "connection".
The Latin term "Nisi" means, in a UK legal context: "unless".
Under the Companies Act 2006 shares may be issued by a company (limited by shares) to shareholders in return for cash or other value equal. Each share has a fixed nominal value.
When shares are issued the person subscribing must pay cash or equivalent value of at least the nominal amount. Where the share is worth more than its nominal amount a share premium may also be paid.
The Latin term "Non compus mentis" means, in a UK legal context: "not of sound mind and understanding".
The Latin term "Non constat" means, in a UK legal context: "it is not certain".
The Latin term "Non est factum" means, in a UK legal context: "it is not his deed".
A director who is not an employee of the company and who only dictates part of his available time to the company is known as a non-executive director.
A non-executive director is usually a person with particular experience or skills who holds a seat on the board to exercise a steadying influence on board decisions. His legal obligations to the company and creditors of skill and honesty are the same as those of an executive director.
The Latin term "Non sequitur" means, in a UK legal context: "an inconsistent statement, it does not follow".