We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

2nd yr self employed nics 4 question

Hi

My first year self employed was just 1month march 2012, so that was easy but I am just doing my self assessment for 2012-2013 and it is talking about nics4.

My earnings are £15768
Expenses £3846

Its telling me that I need to pay nics now, but when I investigated it on HMRC website it said that in some cases I can stop my class 2 nics if I am paying the new nics 4 payments is this correct, do I just stop paying or advise them that I am stopping?

Ta lots

Comments

  • KiKi
    KiKi Posts: 5,381 Forumite
    Part of the Furniture 1,000 Posts
    duffs54 wrote: »
    Hi

    My first year self employed was just 1month march 2012, so that was easy but I am just doing my self assessment for 2012-2013 and it is talking about nics4.

    My earnings are £15768
    Expenses £3846

    Its telling me that I need to pay nics now, but when I investigated it on HMRC website it said that in some cases I can stop my class 2 nics if I am paying the new nics 4 payments is this correct, do I just stop paying or advise them that I am stopping?

    Ta lots


    Where does it say that, do you have a link? You pay both NIC2 and NIC4 if you are earning a certain level (which you are). I'm not aware you stop paying Class 2 at all given the numbers you've put there.
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
  • duffs54
    duffs54 Posts: 131 Forumite
    PPI Party Pooper
    oops sorry it was on here not the gov site, but I think her earnings are different

    https://forums.moneysavingexpert.com/discussion/4842372
  • chrisbur
    chrisbur Posts: 4,199 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    duffs54 wrote: »
    oops sorry it was on here not the gov site, but I think her earnings are different

    https://forums.moneysavingexpert.com/discussion/4842372


    The reason this poster was able to get exemption from class 2 NI was due to low self employed earnings, under £5725. Your self-employed earnings are far higher than this, and anyone having to pay class 4 will have earnings to high to get exemption from class 2.
  • duffs54
    duffs54 Posts: 131 Forumite
    PPI Party Pooper
    Thanks Chris
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.