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Are you self employed? Important information regarding Class 2 National Insurance Contribution

Are you self-employed? Do you pay Class 2 national insurance contributions (“NIC”)?

 

If yes, you will have received a letter from H M Revenue & Customs telling you about a change in the system.

 

From 6 April 2015 Class 2 NIC will be calculated and paid in the same way as you pay your tax: on 31 January (and 31 July) each year.

However, there will be a catch up period as these are paid 4 months in arrears. If you currently pay by monthly direct debit then this means you will pay:

 

Payment Date

Amount

Period Covered

 

10 April 2015

£13.75

07/12/14 – 10/01/15

 

8 May 2015

£11.00

11/01/15 – 07/02/15

 

2 June 2015

£11.00

08/02/15 – 07/03/15

 

10 July 2015

£13.75

08/03/15- 11/04/15

 

31 January 2017

£145.60

12/04/15 – 05/04/16

If you are liable to make “payments on account” of the next year’s tax liability, then this amount will be £218.40. Your “normal” tax liability will also be due on this date.

If you currently pay twice a year, then the next and final payment will be for £71.50 on 10 July 2015. The next payment will be on 31 January 2017 as above

If you currently pay upon receipt of a quarterly bill, then there will be payments due on 10 April and 10 July 2015. The next payment will be on 31 January 2017 as above.

 

If you have any queries about the changes please contact Victoria Bishop on 01900 603623 or victoriabishop@robinsonco.co.uk We are informed that it may be possible to set up a Budget Payment Plan but there are no details as yet, other than that it will depend on your other tax liabilities being up to date.

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robinson+co is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

robinson+co is a trading name of robinson+co (Gosforth) Limited registered in England & Wales 08088245. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Regulated by the Institute of Chartered Accountants in England & Wales for a range of investment business activities.
robinson+co Financial Services Limited is registered in England & Wales 07272147. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Authorised and regulated by the Financial Conduct Authority firm number 597189.

Professional indemnity insurance

The firm's professional indemnity insurance policy is provided by Liberty who may be contacted via Bluefin Professions at Castlemead, Lower Castle Street, Bristol BS1 3AG. The policy applies to claims wherever made outside the United States or Canada, based on acts, errors or omissions occurring anywhere in the world.

robinson+co Financial Services Limited's policy is provided by Collegiate Management Services Limited and can also be contacted via Bluefin Professions.

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