Tax return submission query

[Brasstrumpet]

I’m just submitting my tax return for the 24-25 year.
I've noticed this year because my profit is less than £12750 but more than £6845, I do not need to pay any national insurance. Is this correct? I normally pay both class 2 and class 4. My profits are down this tax year so I don’t need to pay class 4?

Also, it asks of I’ve received any interest from bank accounts. The only interest I have received are for my cash isa. I’m under the impression this does not need putting down as it is tax free?

any guidance appreciated. Thanks.

 

[MikeJ]

Second point, yes you don't need to declare interest on an ISA

 

[DWS]

On the first point, no National Insurance to pay but you should still get a credit towards your state pension

 

[Brasstrumpet]

On the first point, no National Insurance to pay but you should still get a credit towards your state pension

Thanks. Will this automatically go onto my national insurance history?

 

[numbersrule]

Thanks. Will this automatically go onto my national insurance history?

Yes, you should be able to see your NI Qualifying Status for each year in your HMRC Online Account.
Not sure how long it takes to update after a filing.

 

[MyAccountantOnline]

I’m just submitting my tax return for the 24-25 year.
I've noticed this year because my profit is less than £12750 but more than £6845, I do not need to pay any national insurance. Is this correct? I normally pay both class 2 and class 4. My profits are down this tax year so I don’t need to pay class 4?

..

any guidance appreciated. Thanks.

You may find this helpful for a full explanation - https://www.gov.uk/self-employed-national-insurance-rates

 

[frankie007]

Thanks. Will this automatically go onto my national insurance history?

I suggest you keep an eye on this as when I looked at mine I had last 3 years showing as "year not full" under NI contributions. It then took days on the phone to sort it out