Paying NI stamp as self employed people,

[rocketmanbkk]

Afternoon Friends

As self employed people which class of NI stamp do you pay and how do you pay it?

Looking on HMRC website Class 2 contributions seem to be what I need to pay.

I registered as self employed on their website a couple of weeks ago.

I know that the state second pension is being abolished and so I don't see the need to pay any more than Class 2.

Is this correct?

How do you pay? 6 monthly?

Thanks

 

[villa_tom]

Mine is 2 pound something a week, this goes out direct debit.

Then you have to pay 9% of your profit at the end of the year towards national insurance, I think its class 4 if I remember properly.

If you have already registered SE and have a UTR number then they will send you a bill quarterly for your NI

 

[rocketmanbkk]

Nice one, thanks for that. Yes, just over £2 a week but ill wait for the bill.

 

[R1CKY]

Just had my bill though. £2.70 a week for self employed or £3.35 if you're a share fisherman!

 

[rocketmanbkk]

Yep, that's what I need to pay.

Thanks

 

[BLOD]

youll have to pay class 2 & class 4 national insurance

 

[rocketmanbkk]

Class 4 if I make any profit I take it?

just class 2 then for me!

 

[Destroyer2813]

I pay class 2 direct debit 10.40 a month I think then class 4 on profit, which unfortunately for me is a lot this year

 

[hammers4spanner]

I pay 5 a week NI contribution paid class 4 other year on tax return which stung a bit

 

[villa_tom]

I pay 5 a week NI contribution paid class 4 other year on tax return which stung a bit

Why do you pay a fiver a week?

doesnt everyone who's SE pay class 4 at the end of the year?

 

[villa_tom]

Class 4 if I make any profit I take it?

just class 2 then for me!

Yeah spot on.

Class 2 is your weekly 2 pound-odd a week which everyone pays. Then your class 4 comes into play when your tax return says you've made a profit.

 

[hammers4spanner]

i have absolutely no idea why i pay a fiver all i know had a letter come through couple years ago telling me to pay a fiver and have ever since.
same year got stung on my return accountant explained but it went over my head

 

[rocketmanbkk]

How much do you pay a month? It's £2.70 a week paid weekly or every 6 months. There's not, from what I can see any other option.

You need to get into them if you've overpaid and get a refund.

I would.

Good luck mate.

 

[Destroyer2813]

10 quid odd direct debit every month