Glossary: N

NATIONAL INSURANCE

This is the code on the plastic card you’re given just before your 16th birthday. Your employer gives the number to the National Insurance Contributions Agency of the Government, so that it can deduct money from your wages to pay for benefits that you might need to claim, like Incapacity Benefit, and your state pension when you retire. If you don’t have one, you can go to your nearest Social Security office to apply.

NET

Indicates a sum of money from which certain amounts have already been taken away.

NET INCOME

Your net income is the total you earn in a week, month or year after any deductions for tax and National Insurance.

NET INTEREST

This is interest which has already had the tax taken off it.

NET PAY

The pay you actually get. All the deductions have been taken off before you get it.

NET PROFIT

In a business - the gross profit less the overheads of the business measured over a particular time.

NON-PRIORITY DEBTS

Less important debts. The people you owe the money to can take you to court to recover the debts but cannot take any other action (such as cutting off a service or repossessing your home). They are likely to accept reasonable repayments.

NOTICE

The time you must wait to get your money after telling, say, your bank or building society that you want to take it out. If you don’t wait this time you may be penalized by, for example, losing interest.