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Any advice would be welcome.
Comments
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maxmycardagain wrote: »i know a guy who delivers chinese meals thurs/fri/sat/sun and gets £250 cash in his hand....
:j :j
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It would worse if it was curry!!:rotfl::rotfl:Debt free by 2025?0
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Sorry to hijack this and I hope you get things sorted HOOS, but I just read what Max had to say about Class 2 and 4 National Insurance Contributions. Have I understood this correctly, that these don't entitle the person paying them to either JSA or a state pension? If so, (a) what on earth are they for? and (b) what does a self-employed person do if they lose their work or get too old to work? Apologies if I've misunderstood.
Lily0 -
Sorry to hijack this and I hope you get things sorted HOOS, but I just read what Max had to say about Class 2 and 4 National Insurance Contributions. Have I understood this correctly, that these don't entitle the person paying them to either JSA or a state pension? If so, (a) what on earth are they for? and (b) what does a self-employed person do if they lose their work or get too old to work? Apologies if I've misunderstood.
Lily
nope, your quite right.
PAYE NI (class 1) are the only contributions towards most benefits
means tested benefits are not affected by stamp of course
good innit0 -
here are the rates
http://www.hmrc.gov.uk/rates/nic.htm
Class 2 National Insurance contributions
Introduction
If you are self-employed you will probably have to pay Class 2 National Insurance contributions (NICs) unless you:- have a Small Earnings Exception Certificate obtained from HM Revenue & Customs (HMRC)
- are under 16 years of age
- are over state pension age
- are unable to work in certain circumstances, whether or not you're receiving benefit
You must also pay Class 2 NICs if you are self-employed in your spare time, even if you are also paying National Insurance as an employee (Class 1). However, if your Class 1 payments exceed a certain level, you may be able to defer payment of your Class 2 NICs.
This guide explains how to calculate and pay Class 2 NICs, where to get the necessary forms and the penalties if you get things wrong.
Subjects covered in this guide
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no sick pay and no JSA0
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Thanks for clarifying that.
But good grief!! What a rip-off!!
I have friends in Belgium who are taxed to the hilt, but you should see the hospitals and the old-age care. If you're ill, the doctor comes round to see you too. And, guess what, the schools are good.0 -
thats why a lot of "directors" of thier own Ltd companies register as PAYE employees of that company, sounds silly but by paying themselves at the tax threshold they pay no tax, pay minimum class 1 stamp and are entitled to all benefits including SSP...0
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Humpf... That's not an option now, is it. Must say, I'll be advising my little one very carefully (with the benefit of what I've learned here) when the time comes for him to leave home and start managing his own money.0
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directors can also take dividends and let the Ltd company pay the tax at 19%0
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