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Paying Class 2 NICs Whether or not Class 2 National Insurance Contributions (NICs) can be paid depends on whether an individual falls within the definition of a 'self-employed earner' for NIC purposes, and if so, whether profits are in excess of the existing small profits threshold (£6,025 for 2017/18). The definition of a self-employed earner is defined as someone 'who…
Paying voluntary NICs There are various reasons as to why gaps may arise in an individual's national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed and have not been claiming benefits. In certain circumstances therefore, it may be possible, and…
New state pension and contracted-out NICs Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 April 2016 - that is men born after 5 April 1951 and women born after 5 April 1953. The full new state pension is currently £159.55 per week, but the…
Change to Class 4 NIC rate reversed   The Government has confirmed that the proposed increase in the rate of Class 4 National Insurance Contributions, paid by the self-employed on profits from a business, will not now take effect from April 2018. The Chancellor of the Exchequer, Philip Hammond, had announced that the rate would rise from 9% to 10%…
Abolition of Class 2 NICs Originally announced at Budget 2016, the 2016 Autumn Statement confirmed that Class 2 National Insurance Contributions (NICs) will be abolished from April 2018, hopefully achieving the desired effect of simplifying National Insurance for the self-employed and making the system fairer for employed and self-employed individuals. At the same time as the abolition of Class 2…
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