NI voluntary contributions for self employed

GaryxG

My wife has received NI credits as she has been at home looking after our children. I believe this ends when our youngest child turns 12?  He is about to turn 13, so we may be a year late to the party on this.

She is self-employed and earns about £5k pa and as such I believe paying NI is voluntary.   She'd like to make payments to ensure she has a full state pension (her account shows she has enough time to contribute to get there in the next 15 years).

The HMRC website isn't clear on this saying people who earn less than £6,725 pa don't have to contribute and that those who may want to make voluntary contributions are people in professions such as examiners, moderators, people who make an income from land etc.   She is none of these.

But surely she is still allowed ro make voluntary contributions to ensure she gets the full SP?

Dazed_and_C0nfused

You must have missed this page on gov.uk

https://www.gov.uk/voluntary-national-insurance-contributions

The advantage of being self employed in this situation is that she pay voluntary Class 2 at c£160/year rather than Class 3 at c£800.

If she doesn't expect to reach the standard new State Pension through employment or other credits then voluntary Class 2 is one of the best investments you can make.

Just watch the final year, if she gets to say £185.00/week then paying for an extra year will only add the final £0.15p/week as, based on what you have posted, she cannot exceed £185.15/week.

GaryxG

Excellent, thanks for your reply, that's good to know!  And thanks for the tip on the final year!