How do you pay your national insurance (literally)
- Thread starter Dave D
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Your accountant will tell you the amount or HMRC will show you what's due.
I set up a payment plan on HMRC self assessment login where I paid £200 pm .
This figure covered tax and NI on next payment.
Example.
If tax and NI was due on 31st of July at £2000 i would pay £333 pm.
Other way is to just setup a standing order to HMRC with your tax number.
I set up a payment plan on HMRC self assessment login where I paid £200 pm .
This figure covered tax and NI on next payment.
Example.
If tax and NI was due on 31st of July at £2000 i would pay £333 pm.
Other way is to just setup a standing order to HMRC with your tax number.
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AFAIK its lumped in with your tax payment, I use a bank transfer
What National Insurance do I pay if I am self-employed? | Low Incomes Tax Reform Group
For more general information on NIC visit What is National Insurance?. If you want information on how to get a National Insurance number (NINO) or what to do if you have lost or forgotten your NINO, visit our National Insurance number page. What National Insurance do I pay on self-employment...
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Class 2 is no more.
Tax and ni are in the payment calculated
Tax and ni are in the payment calculated
The rules on thresholds have changed but I'm sure Class 2 still exists.
I pay it exactly the same way that I pay my tax.
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NI is worked out on your
tax bill so you know amount around a year in advance.
Many don't understand payment on account either.
If tax bill is £2000 2022 to 2023 then HMRC think you will do a runner so you pay on account.
You will actually pay £3000. That's £2000 tax owed and £1000 on account ( in credit)
Look at tax bill. It's says that. Payment on account £xxxxx
tax bill so you know amount around a year in advance.
Many don't understand payment on account either.
If tax bill is £2000 2022 to 2023 then HMRC think you will do a runner so you pay on account.
You will actually pay £3000. That's £2000 tax owed and £1000 on account ( in credit)
Look at tax bill. It's says that. Payment on account £xxxxx
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My accountant tells me the bottom line and then I pay it. NI is all lumped in with same payment (due tomorrow
).
I never question any of it. I have a negative interest in tax affairs. It bores me rigid. If I pay too much, it balances out net time. No dramas. No doubt when I come to retire, I'll pay a little more attention though.
An employee doesn’t pay NI when they reach state retirement age and S/E only pay class 4 contributions up to the end of the tax year in which they reach state retirement age.
I never question any of it. I have a negative interest in tax affairs. It bores me rigid. If I pay too much, it balances out net time. No dramas. No doubt when I come to retire, I'll pay a little more attention though.
Boring or not but I would recommend that you get a state pension forecast - and see what it says.
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