Is national insurance an compulsory payment?

omegad

I am recently getting into the job market so understand very little about how NI works. Tax sure in terms of income and council but no matter where I go I never get a clear straight up answer about NI and how it works. Of a clear yes you must pay it by law or that it is optional. By the name insurance I am hypothesising that its an optional payment not mandated by the government as something one must pay.

When it comes to national insurance do you have to pay it?

I would rather not for the next three years since I need to save up money for a masters program that I want to do so it seem superfluous for me to pay into something right away which will hinder my savings plans. I also think a pension would be of no use of me anyways long term, because of the ever increasing retirement age I most probably be long dead before getting it and I know I will be able to make more money long term just purchasing precious metals and stocks and shares instead.

marliepanda

I take it you don't intend to ever use the NHS? You dont intend to accidentally get hit by a car, fall off a cliff or contract a highly infectious disease?

Yes you have to pay it.

I'm sure your Masters will be worth it.

fira

Straight from Gov.Uk:

You pay National Insurance if you’re:

• 16 or over
• an employee earning above £155 a week
• self-employed and making a profit of £5,965 or more a year

If you earn between £112 and £155 a week, your contributions are treated as having been paid to protect your National Insurance record.


Find it all at: https://www.gov.uk/national-insurance/overview

Tolly_T

You have to pay it if you earn enough money. It will be deducted by your employer along with tax.

seven-day-weekend

There are two things inevitable in life - death and taxes. NI can be classed under the second category. If you earn enough you will have to pay it. Sorry.

tomtom256

Can I have the moon on a stick please?

bigbulldog

tomtom256 wrote: »

Can I have the moon on a stick please?

What topping would you like with that :rotfl:also you can have that vat free a well.:)

seven-day-weekend

The OP has asked what, to them, is a serious question, I don't think there is any need for the unhelpful remarks.

He didn't know about NI. Well now he does.

bigbulldog

seven-day-weekend wrote: »

The OP has asked what, to them, is a serious question, I don't think there is any need for the unhelpful remarks.

He didn't know about NI. Well now he does.

I think they do if you read the whole post as there talking about future investments for retirement as it just come across trying to
manipulate the system.

teddysmum

I find it unbelievable that someone educated to higher degree level is so unaware of the NI system . (Troll?)

Ames

teddysmum wrote: »

I find it unbelievable that someone educated to higher degree level is so unaware of the NI system . (Troll?)

Or foreign? It reads to me that English isn't their first language, so why would they have knowledge of our taxation system?