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National Insurance - confused!

3 replies

Hobblley · 03/05/2024 03:15

I'm self employed and earn £500 a month, I've just started thinking about national insurance contributions/state pension.

What do I need to pay/how do I pay it? I've checked the gov.uk site and can't work it out!

OP posts:
FriendlyNeighbourhoodAccountant · 03/05/2024 03:21

If you don't reach the threshold to pay NI on a compulsory basis (haven't checked the thresholds in a while as I don't deal with it anymore) you can choose to voluntarily pay class 2 NI when you complete your tax return each year. There's a box you can tick.

Hobblley · 03/05/2024 03:29

Thank you!

OP posts:
Mindymomo · 03/05/2024 06:43

If you earn more than £242 per week, you will need to pay NI. When you submit your Tax Return for self employment, it will tell you if you need to pay any tax or NI. You can also pay additional Class 2 NI, just a small amount each week and this will go towards paying years for State Pension.

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