National insurance

vickyholly

Hi. I earn about 10k a year. So up until now have always paid nat ins about £250 a year. With the changes I will no longer pay nat ins. Which now means I won't get the ponts for my state pension unless I do voluntary contributions. Which works out more per year.  Am I understanding this correctly? That im actually going to be worse off? 

JGB1955

AIUI, as long as you earn more than the Lower Earnings Limit (£123 per week) you will benefit from NI credits.

Albermarle

No you will be £250 better off, and still get state pension qualifying years.

vickyholly

Is that include if you're self employed? 

JGB1955

If you're self-employed I think you'll be paying £163.80 Class 2 contributions plus 10.25% Class 4 contributions on profits between £9,881 and £50,270.  see Self-employed National Insurance rates - GOV.UK (www.gov.uk)

Dazed_and_C0nfused

JGB1955 said:

If you're self-employed I think you'll be paying £163.80 Class 2 contributions plus 10.25% Class 4 contributions on profits between £9,881 and £50,270.  see Self-employed National Insurance rates - GOV.UK (www.gov.uk)

Those rates are out of date now.

Some who normally just have to pay Class 2 NI can get the same benefit, State Pension wise, without having to pay this year.

https://www.litrg.org.uk/tax-guides/self-employment/what-national-insurance-do-i-pay-if-i-am-self-employed