National insurance still not done 2021 /22

Dazed_and_C0nfused

MouldyOldDough said:

I have been credited with 42 weeks NI credits for last TY

Do I benefit from this or do I NEED to add another 10 weeks ?

"You have contributions from National Insurance credits: 42 weeks

These may have been added to your record if you were ill/disabled, unemployed, caring for someone full-time or on jury service.

You can make up the shortfall - Pay a voluntary contribution of £154 by 5 April 2028. This shortfall may increase after 5 April 2024".

Yes you benefit from it.

You now only need to buy another 10 weeks.

MouldyOldDough

Dazed_and_C0nfused said:

MouldyOldDough said:

I have been credited with 42 weeks NI credits for last TY

Do I benefit from this or do I NEED to add another 10 weeks ?

"You have contributions from National Insurance credits: 42 weeks

These may have been added to your record if you were ill/disabled, unemployed, caring for someone full-time or on jury service.

You can make up the shortfall - Pay a voluntary contribution of £154 by 5 April 2028. This shortfall may increase after 5 April 2024".

Yes you benefit from it.

You now only need to buy another 10 weeks.

Which costs me £15 a week?
This means that I have to buy class 3? 

molerat

Which costs me £15 a week?
This means that I have to buy class 3?

Yes ........................

Secret2ndAccount

If you pay the £154 this year or next year, you get that current price. After that they add inflation. So in 2024 it will go up to £170 or £180, and continue to rise after that. You seem to have about 8 years to build another 7 years of contributions. So if you think you will get full years of credits all the way to State Pension Age, you don't need to top up this year. If you think you will go back to work and stay all the way to State Pension Age, don't need to top up. However, if you think there might well be years that you need to pay for then this is likely your cheapest opportunity to pay for a full year. You could leave it up to five years so that you can better decide whether you need to pay, but bear in mind that, as above, that £154 could turn in to £200 by then, though that's only with inflation.
That £154 will come back to you, with interest, in the first year of your pension. After that you are £5 or £6 a week better off for life.

Kim1965

Just checked mine. Only need one more year, last years still not added so im basically done. Thought it was usually applied by this time of year. 

molerat

Kim1965 said:

Just checked mine. Only need one more year, last years still not added so im basically done. Thought it was usually applied by this time of year. 

Generally is, a few on here have mentioned it changing in the past week or so.  What does it show when you look at the year details ?

MouldyOldDough

Secret2ndAccount said:

If you pay the £154 this year or next year, you get that current price. After that they add inflation. So in 2024 it will go up to £170 or £180, and continue to rise after that. You seem to have about 8 years to build another 7 years of contributions. So if you think you will get full years of credits all the way to State Pension Age, you don't need to top up this year. If you think you will go back to work and stay all the way to State Pension Age, don't need to top up. However, if you think there might well be years that you need to pay for then this is likely your cheapest opportunity to pay for a full year. You could leave it up to five years so that you can better decide whether you need to pay, but bear in mind that, as above, that £154 could turn in to £200 by then, though that's only with inflation.
That £154 will come back to you, with interest, in the first year of your pension. After that you are £5 or £6 a week better off for life.

OK I will pay the £154 - is there no way to pay this online ?

I can't see any links

I can see Employer NI but not Personal NI

And I have found "You make Class 2 National Insurance contributions if you’re self-employed to qualify for benefits like the State Pension."

https://www.gov.uk/pay-voluntary-class-3-national-insurance is for class 3 contributions - but nowhere can I see a class 1 contribution method mentioned

I am not on Self Assessment either

Please don't say "SEND A CHEQUE"

I don't trust royal mail not to lose it

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2022

£144.34 a week

Forecast if you contribute another 8 years before 5 April 2030

£185.15 a week

£185.15 is the most you can get

molerat

You use the pay class 3 link.  You can only pay on line with a code from HMRC.  You also need the code for any payment other than by cheque.

Class 1 is for employed contributions.

MouldyOldDough

molerat said:

You use the pay class 3 link.  You can only pay on line with a code from HMRC.  You need the code for any payment other than by cheque.

Class 1 is for employed contributions.

Why do they make this so difficult ?

I don't have a bill or reference number to quote

Doesnt class 3 cost less ?

molerat

You contact HMRC and get a reference.  Class 3 is the one you need to pay at the price shown on your NI record.  Class 2, for the self employed, is the cheap one.