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National Insurance contributions
kathryn_1
Posts: 35 Forumite
Hi
I was wondering if someone can confirm that I've got this right. At the moment I am a single parent working 16 hours a week at min wage. Thinking of increasing this to 20 hours.
I've woked out that my ctc and wtc will remain the same and I won't pay tax on my extra earnings. I don't pay NI contibutions at the moment but I've looked on the HMRC website and it states that on earnings above £95 a week, 11% will be deducted for NI contributions which means that I will only be about £11 better off for working 4 extra hours. Have I understood this correctly?
I was wondering if someone can confirm that I've got this right. At the moment I am a single parent working 16 hours a week at min wage. Thinking of increasing this to 20 hours.
I've woked out that my ctc and wtc will remain the same and I won't pay tax on my extra earnings. I don't pay NI contibutions at the moment but I've looked on the HMRC website and it states that on earnings above £95 a week, 11% will be deducted for NI contributions which means that I will only be about £11 better off for working 4 extra hours. Have I understood this correctly?
0
Comments
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If you are currently working 16 hours per week you must already be paying NI ?
If you earn an extra £25 per week and pay 11% NI on that, the net extra is £22.25.
If I were you I would want to pay NI contributions - this cancount towards your eligibility for some benefits, state pension in later life etc0 -
You would pay NI on earnings above £110 per week. If you earn between £95 and £110 you are credited with NI contributions even though none are taken from your earnings.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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Thank you for the replies.
Sorry for being a bit dim but just to clarify would the 11% for NI be taken from all of my weekly earnings or would it be just the amount of earnings over the threshhold.0
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