Whats the NI rate?

[kryten22uk]

I've been a Ltd for a year now and have been paying for decent IR35 proof contracts. But I cant seem to find out why. I understand the taxation differences between paying myself shares, but I'm lost with the NI calcs. As a Ltd, would I have to pay 12.8% employers NIC [u]plus[/u] the 11% employees NIC? Hence basically shed loads?

[kryten22uk]

So thats 23% (13% over UEL) lost on top of tax?

So basically the main benefit of IR35 proof cotnracts is saving NI at a total of 13% on profits over UEL (£40k ish)?