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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 ??
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
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.
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.
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
Anyone able to clarify this? I think I have 33 years and haven't made any contributions for a few years.
I think its 35 years now Dom
Thanks DL. I guess I'll just have to pay 2 years of top ups
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
So if I buy 2 years it's tax deductible?
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