Did I pay too much NI?

livek

After reading advice on this forum, I’ve just checked my P60 to make sure that I paid the right amount of tax last year.

I earned £7657 and paid £323 so that looks spot on, however I paid £570.43 in National Insurance. Is that right?

Also I did all this work whilst I was a full time student, but it wasn’t limited to term holidays so I never told the taxman I was a student. Is that wrong and could I have saved money by telling the taxman I was a student?

CLAPTON

students pay tax and NI just like the rest of us.

Unlike tax which is based on your yearly total income, NI is based on your weekly earning so its not possible to work out the correct figure form only knowing your yearly total.
Basicall you pay 11% of earnings above 110 per week

CIS

A student has no Tax and NI differences to a non-student.

cfnc

If you had a normal tax code for a single persons allowance and your last pay was either the last week of the tax year or month 12, your tax is probably right.

With NI it is worked on what you earn that week or month with no accumulations. So you could work the last pay date in the tax year and pay NI over the LEL(lower earnings limit) but your tax as long as not on a week or month 1 will take into account your whole years allowance.

Kirsty

livek

CLAPTON wrote: »

students pay tax and NI just like the rest of us.

Unlike tax which is based on your yearly total income, NI is based on your weekly earning so its not possible to work out the correct figure form only knowing your yearly total.
Basicall you pay 11% of earnings above 110 per week

Thanks for the advice everyone.

That's interesting, Clapton. I had to submit timesheets for the work, they weren't strict on when I did it and I got paid a week later. Out of curiosity, f I was careful about how I submitted them, trying to ensure that wherever possible it was under 110 a week, could I have saved money?

CLAPTON

livek wrote: »

Thanks for the advice everyone.

That's interesting, Clapton. I had to submit timesheets for the work, they weren't strict on when I did it and I got paid a week later. Out of curiosity, f I was careful about how I submitted them, trying to ensure that wherever possible it was under 110 a week, could I have saved money?

yes in principle but you need to look at the details, but if you never received more than 110 per week then you would have paid no NI.