NI for Self Employed
confused.com2
Posts: 83
Forumite
in Cutting tax
Evening,
My wife has this afternoon submitted her tax return, she's fairly new to being self employed so a little unsure.
She had the following
Income - £13,938
Expenses - £6580
Grant - £977
So a total profit - £7353
Yet it stated there was nothing to pay for NI and did she want to pay voluntarily. Looking though it appears her profit is above the threshold so surely has to pay?
Any ideas? We will check the form again when we can access it!
Thank you.
My wife has this afternoon submitted her tax return, she's fairly new to being self employed so a little unsure.
She had the following
Income - £13,938
Expenses - £6580
Grant - £977
So a total profit - £7353
Yet it stated there was nothing to pay for NI and did she want to pay voluntarily. Looking though it appears her profit is above the threshold so surely has to pay?
Any ideas? We will check the form again when we can access it!
Thank you.
0
Comments
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https://www.gov.uk/self-employed-national-insurance-rates
Threshold for class 2 and 4 is £11908 Class 2 is cheap and for some well worth paying voluntarily.
Sorry looking at wrong year1 -
Isn't that the thresholds for the current tax year? I'm sure the 2021/2022 were lower?1
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chrisbur said:https://www.gov.uk/self-employed-national-insurance-rates
Threshold for class 2 and 4 is £11908 Class 2 is cheap and for some well worth paying voluntarily.1 -
confused.com2 said:Isn't that the thresholds for the current tax year? I'm sure the 2021/2022 were lower?
1 -
Does your figure of £7,358 (or £7,353?) include the grant of £977? How did the grant get declared? Was it SEISS? The class 2 limit for 2021/22 was £6,515.0
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Could it be something to do with having to register for both Class 2 and self-assessment? Maybe the former wasn’t done? Just a guess!
https://www.gov.uk/register-for-self-assessment/self-employed
1 -
Jeremy535897 said:Does your figure of £7,358 (or £7,353?) include the grant of £977? How did the grant get declared? Was it SEISS? The class 2 limit for 2021/22 was £6,515.0
-
[Deleted User] said:Could it be something to do with having to register for both Class 2 and self-assessment? Maybe the former wasn’t done? Just a guess!
https://www.gov.uk/register-for-self-assessment/self-employed0 -
confused.com2 said:purdyoaten2 said:Could it be something to do with having to register for both Class 2 and self-assessment? Maybe the former wasn’t done? Just a guess!
https://www.gov.uk/register-for-self-assessment/self-employed1 -
[Deleted User] said:confused.com2 said:[Deleted User] said:Could it be something to do with having to register for both Class 2 and self-assessment? Maybe the former wasn’t done? Just a guess!
https://www.gov.uk/register-for-self-assessment/self-employed0
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