Topping up your self-employed NIC contributions
13/03/2019

In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension if you are self-employed.

You might want to consider making voluntary NICs because:

  • you’re close to State Pension age and do not have enough qualifying years to get the full State Pension
  • you know you will not be able to meet the qualifying years you need to get the full State Pension during your working life
  • you’re self-employed and do not have to pay Class 2 contributions because you have low profits or live outside the UK, but you want to qualify for some benefits

There is also a specific list of jobs where class 2 NICs are not payable. These are:

  • examiners, moderators, invigilators and people who set exam questions
  • people who run businesses involving land or property
  • ministers of religion who do not receive a salary or stipend
  • people who make investments for themselves or others - but not as a business and without getting a fee or commission

If you fall within any of these categories it can be beneficial to get a State Pension forecast and examine whether to make voluntary Class 2 NICs to make up missing years.


About Us

Established in 1991 based in Epsom Surrey, CWM use technology to its fullest extent enabling us to work with clients based anywhere, with maximum efficiency resulting in lower costs.

Accreditation

 icaew logo 

   

    

sage1   xero transparent

Contact Us

1a High Street
Epsom
Surrey
KT19 8DA
Phone: 01372 727333
Email: info@cwmaccountants.com

Newsletter Sign Up

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login