Voluntary Class 2 NIC

[Will C]

Hi there folks,

I am employed and self employed and currently don't (and haven't at all to date) generate any income from my self employment. Should I pay class 2 NIC voluntarily as part of my self assessment return?

Thanks

 

[Paul Kelly ICHYB]

Are you paying NIC in your employment?

 

[Will C]

Are you paying NIC in your employment?

Hi Paul,

Yes I am

 

[MyAccountantOnline]

Hi there folks,

I am employed and self employed and currently don't (and haven't at all to date) generate any income from my self employment. Should I pay class 2 NIC voluntarily as part of my self assessment return?

Thanks

No, not unless you have any gaps in your National Insurance record. You can check this here

Check your National Insurance record

Find out if you've paid enough National Insurance to qualify for the full State Pension - check gaps, contributions and credits, get a National Insurance statement, call the helpline.

www.gov.uk

 

[Will C]

No, not unless you have any gaps in your National Insurance record. You can check this here

Check your National Insurance record

Find out if you've paid enough National Insurance to qualify for the full State Pension - check gaps, contributions and credits, get a National Insurance statement, call the helpline.

www.gov.uk

Thanks for the info!

I have checked and I have 8 incomplete years...

 

[DontAsk]

Thanks for the info!

I have checked and I have 8 incomplete years...

Depending how many complete years you have and how many working years left until desired retirement age, you can work out whether it's worth topping up missing years to get enough years to qualify for a full pension.

 

[Will C]

Depending how many complete years you have and how many working years left until desired retirement age, you can work out whether it's worth topping up missing years to get enough years to qualify for a full pension.

Thank you, how many years do you need for a full pension? And I assume you can choose to top up whenever you like or is that not the case?

 

[eteb3]

how many years do you need for a full pension?

That’s a moving target. Given our age pyramid we can expect state retirement age to recede imo. But there is a date for your age group and you can check that on the NICs website

I assume you can choose to top up whenever you like … ?

No. You have a limited period, I have two years in my head but it might be six. I’m sure GOV.UK can tell you

 

[Will C]

That’s a moving target. Given our age pyramid we can expect state retirement age to recede imo. But there is a date for your age group and you can check that on the NICs website


No. You have a limited period, I have two years in my head but it might be six. I’m sure GOV.UK can tell you

Okay thank you!

I'll take a look to find out.

 

[DontAsk]

Do a pension forecast on gov.uk