Any advice would be welcome.

fiveyearplan

maxmycardagain wrote: »

i know a guy who delivers chinese meals thurs/fri/sat/sun and gets £250 cash in his hand....

Doesn't it smell out his car?:rotfl: :rotfl: :rotfl:

OhDear

It would worse if it was curry!!:rotfl::rotfl:

LilyBart

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

maxmycardagain

LilyBart wrote: »

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 innit

maxmycardagain

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

Class 2 NICs are payable at a flat weekly rate which you can pay monthly by direct debit or by quarterly bill. They count towards the basic state pension, as well as incapacity, bereavement and maternity 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

• Introduction
• Paying Class 2 National Insurance contributions
• Exceptions from Class 2 National Insurance contributions
• Class 2 rates

maxmycardagain

no sick pay and no JSA

LilyBart

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.

maxmycardagain

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...

LilyBart

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.

maxmycardagain

directors can also take dividends and let the Ltd company pay the tax at 19%