NEWS

Self Employed? Topping up your NICs

If you are self-employed, there is still time to top up your national insurance contributions (NICs) by making Class 2 payments.  This can be a significantly cheaper option than making Class 3 voluntary payments.

Class 2 NICs were due to be abolished in April 2018 but the measure has been delayed until 6 April 2019.  This means that those with earnings from self-employment below the small profits threshold - £6,205 for 2018/19 (up from £6,025 for 2017/18) – can still pay Class 2 contributions voluntarily in order to top up their state pension.

Currently, 35 years’ worth of contributions are required to get a full flat rate state pension of £164.35 per week.  To check your national insurance record through your personal tax account to see if you already have enough qualifying years go to https://www.gov.uk/check-national-insurance-record

 

 

 

19/07/2018

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REF: MC/NL/1.0