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There is a low earnings amount whereby if your profit is below that amount you can claim an exemption or if you've already paid your class 2 you can ask for a refund.If your profit (after expenses/allowances) for part time self employed comes to under £12500, does that mean you dont have to pay class 2 NI ? so you'll still get years NI automatically added towards state pension ?
cheers
This! Class 2 is £6,725 and it's Class 4 that is £12,570There is a low earnings amount whereby if your profit is below that amount you can claim an exemption or if you've already paid your class 2 you can ask for a refund.
When I was self employed the low earnings amount was pretty low, off the top of my head it was around half your personal allowance for tax.
If you do request a refund or exemption you won't however get a credit for your state pension for that year.
If you also have a job as an employee and pay NI that way I guess you would be OK on that score but I'm not 100%.
@Wild Card would know better.
was trying to sort for someone last night and looks as if profit is below £12,570 then although it states what the class 2 NI would be you dont pay it, the govt just pay it.
It was def paid last year ? normally ensure its always paid so that get state pension
profit £12400 and says nil class4 , which i get , but also says nil class 2 ? where in past sure that was paidSame thing happened to my Mrs.
Last year paid NI but this year on same earnings didn't have to pay anything (she is self employed)
On a side note, have you also checked the NI record for them?If your profit (after expenses/allowances) for part time self employed comes to under £12500, does that mean you dont have to pay class 2 NI ? so you'll still get years NI automatically added towards state pension ?
cheers
Looks like the rules have changed a little since I was last self employed 8 years ago.This! Class 2 is £6,725 and it's Class 4 that is £12,570
Aye that's it actuallyprofit £12400 and says nil class4 , which i get , but also says nil class 2 ? where in past sure that was paid
it looks as if profit under £6725 you can voluntarily pay it (for state pension), but if profit between 6725-12570 then you dont , the govt pay it
bizarre
Was she paying her class 2 in advance though either in a one off or by direct debit ? I used to pay mine by direct debit.Same thing happened to my Mrs.
Last year paid NI but this year on same earnings didn't have to pay anything (she is self employed)
profit £12400 and says nil class4 , which i get , but also says nil class 2 ? where in past sure that was paid
it looks as if profit under £6725 you can voluntarily pay it (for state pension), but if profit between 6725-12570 then you dont , the govt pay it
bizarre
Nah, always done via self assessment, just pay any tax and also the NI to ensure state pensionWas she paying her class 2 in advance though either in a one off or by direct debit ? I used to pay mine by direct debit.
If you donate to the Tory party it is all good.If your profit (after expenses/allowances) for part time self employed comes to under £12500, does that mean you dont have to pay class 2 NI ? so you'll still get years NI automatically added towards state pension ?
cheers
I don't get the logic there. If profits are between £6725 and £12570 you don't pay it but get a credit. If profits are less ie below £6725 you have to pay it if you want a credit Doesn't make sense to meBeen abolished for the self employed unless your profits are below £6725, then you have to pay it. I could be wrong though.
exactly , hence why thought was missing somethingI don't get the logic there. If profits are between £6725 and £12570 you don't pay it but get a credit. If profits are less ie below £6725 you have to pay it if you want a credit Doesn't make sense to me
If your profit (after expenses/allowances) for part time self employed comes to under £12500, does that mean you dont have to pay class 2 NI ? so you'll still get years NI automatically added towards state pension ?
cheers