N.i Question Again Please

Stavros_3

I have recently retired. I am going to be doing some part-time self employed work. I am OK with registering with HMRC for self assessment purposes but I am confused about National Insurance. My work is sporadic i.e some months I will not be earning at all while others I shall be. What is my liability regarding N.I contributions and what do I do about it. I estimate I shall over a 12 month period be earning collectively around 9k, thanks in anticipation.

fengirl_2

As your annual earnings will be above the small earnings exemption limit, you will be liable to pay your NIC's by monthly DD. Rtaes are on HMRC website - I think its about £2.30.

Stavros_3

Many thanks

chrisbur

If your profits exceed £5435 in the tax year you will also have to pay class 4 NI at 8% on that part over £5435.
All figures for NI are for profit, that is the money you are paid less the expenses of running your business.
I see you say that you have retired, if you are over state pension age then no NI has to be paid. I believe that you have to be over state pension age at the beginning of the tax year to avoid paying class 4 for that year.