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  • Tax

    Self employed NI

    I pay a self employed stamp every month

    can anyone advise me about when I stop paying

    I intend to draw my state pension at aged 66

    so will I stop paying NI after that date ??

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    Learn Change and Adapt ?????

    When you reach state pension age you stop paying Class 1 and Class 2 but Class 4 continues if you have profits in that retirement year but after that you can stop.

    More info here

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    Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk


    You can apply to the DWP for a pension assessment. I did this after I was made redundant and was between jobs. You need to have paid in 30 years of contributions.

     If like me you are a sole trader, you have no choice whether you pay or not.


    NICs for sole traders (self-employed)

    Sole traders pay income tax on their business profits (as self-employed individuals). In addition to income tax, self employed workers are liable to pay National Insurance Contributions (NIC’s).

    Sole traders pay Class 2 and Class 4 NIC’s and are required to pay contributions from the first day of self-employment.

    NIC’s are deducted from your gross earnings, assuming the figures are above the lower earnings threshold.

    Individuals who run a business via a partnership arrangement are taxed in the same way as sole traders.

    Class 2 National Insurance Contributions are £2.80 per week for the current tax year (2016/17), and are paid by anyone earning £5,965 or more through self-employment during the tax year.

    Class 4 National Insurance Contributions are paid on any profits you make as a self employed person. The rate paid for the 2016/17 tax year is 9% on all earnings between £8,060 and £43,000, and 2% on earnings above £43,000.

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    Hi Steve I know they moved the goal posts I think its now 35 years not 30years

    I will stop self employment at aged 66 and I believe after that date I will not pay NI again

    lol thanks DL


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    Learn Change and Adapt ?????

    HI DL,

    Anyone able to clarify this? I think I have 33 years and haven't made any contributions for a few years.

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    I think its 35 years now Dom

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    Learn Change and Adapt ?????

    Thanks DL. I guess I'll just have to pay 2 years of top ups

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    I had five to make up two left I worked out when I get it it will help to pay my s 24 bill lol you can't win

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    Learn Change and Adapt ?????

    So if I buy 2 years it's tax deductible?

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    If your self employed I think its deductible

    If you make voluntary contributions I'm not sure  

    they are both different rates too

    I have some self employed earnings so I pay NI when I pay my tax



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    Learn Change and Adapt ?????