Showing results for tags 'nic'.
Found 7 results
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I was registered as self employed between 2011 and 2017. This was a small sideline along side my main PAYE income (so my NI contributions are already made up for the years in question), and me SE profit was generally about £1500 per year (highest was about £2500). Now I've just had a letter from HMRC demanding Class 2 NIC for 2011 to 2015. Don't know why they've only just written to me about it, first I've heard from them on this subject since 2011. I was always under the impression that as my income was below the small earnings exception, I was exempt from having to pay class 2 NIC? I se
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Class 4 NIC's and personal allowance
col20583 posted a topic in Self Employment Issues and Questions
Hi, Sorry for the basic question but I'm struggling to find an answer. As a sole trader, do I pay class 4 NIC's on my personal tax allowance or do i deduct my expenses AND personal allowance from my gross profit and then pay class 4 on what remains? Thanks -
I am currently on ESA SG and in the middle of being reassessed. I am as always worried about losing my ESA. I am also due to be moving in with my partner in a few months and as they earn over the threshold I will lose all money anyway but at least if I am on ESA my stamp will get paid so I will still qualify for my pension in future. If I lose my ESA it won't change the fact that I am currently unable to work but I won't get my NIC paid. I s there anything I can do to get round this issue? Could I for example become self employed and just pay my stamp myself it it wou -
Hi I've been working hard for the past year trying to set myself up in business as a sole trader, and finally I think I might have got my foot in the door with a very important client that could secure me maybe even a minimum liveable income for potentially life. I have some questions. From the perspective of the benefits I currently am in receipt of, ie. working tax credits and housing benefit, can I take some of the money from what I'm paid and put it back into my company? What do I keep aside for the tax thieves, 20%? Or should I save 30% to cover myself? Is there any w
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Hello people, im hoping someone out there will be able to help me. Does anyone know at what point Class 4 National Insurance Contributions are paid and deducted. I'l try and explain........my partner is a self employed/sub contractor builder. His boss pays him a wage every week from which he has already deducted tax......then every 6 months my partner gets an invoice from the HMRC to pay his Class 2 contributions. His last self assessment for April 2011/12 was done by a chartered accountant (which happens to be his boss's sister). She offered to do it for him because my partner has no idea how
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Hiya everyone. I am very confused and scared about my situation. I will explain a bit and it will hopefully make sense. I work from home as Self Employed and have been claiming working tax credits since I turned 25 (last year) I have not been able to work for the last 5 weeks and now I am scared that I can get into trouble for this as I have not informed them? Should I inform them now and can I get into trouble for this? I also get my wages from my self employed paid to my mothers bank account (we live together and it's easier this way) but my WTC get paid into m
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I am getting made redundant in the near future. Thankfully I have a personal income protection insurance but to qualify this I need to be in receipt of JSA. Here is where the problem lies. For the past 18 months I have been paying my NICS as any employee does, but prior to that my wages was paid primarily as dividends and I was paid a minimum salary to qualify for my NIC contributions being up to date, even though I did not actually pay anything. I know I won't get IB JSA due to my partner working and savings. I am now being told by various colleagues that I therefore
