We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

National insurance voluntary contribution confusion !

hazyfish
hazyfish Posts: 13
Part of the Furniture First Post Combo Breaker
Forumite
edited 19 June 2023 at 11:26AM in Topping up your state pension
Hello all,

I have a question about my NI contribution for the last tax year (22-23). I'm just doing my tax return now and want to know if i need to pay the voluntary contribution for Class 2 NI or not. 

I earned about £8k in PAYE employment and i payed NI as part of this (according to P60 I paid £545 in NI contributions as part of this). I also carried out some self employment - just started a business and earned about £300 net this year. in my tax return calculation it asks if i want to pay £75 voluntary class 2 NI. I do want to make sure this year counts towards my Pension in terms of NI. My question is - what is this figure of £75 based on? Do i need to pay this £75 vol contribution to ensure i get enough earns for this year to count towards my pension, or could this amount be above what i need to pay (or not enough) ? I've been trying to get through to the Government NI helpline but no luck so far. Any advice gratefully received,
thanks 

Comments

  • What does your NI record show on your personal tax account?
  • molerat
    molerat Posts: 36,591
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    edited 19 June 2023 at 1:50PM
    It is in your Government Gateway account.

    Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.

    Being hated by idiots is the price you pay for not being one of them.

    Jean Cocteau 1889-1963

  • hazyfish
    hazyfish Posts: 13
    Part of the Furniture First Post Combo Breaker
    Forumite
    What does your NI record show on your personal tax account?
    Hi, thank you -  i've just found my NI record on my account, which says i have full contributions for 2022-23 from paid employment. Does that therefore mean there is no need to pay the voluntary class 2 contribution ? Would there be any benefit to me in paying it ? Thanks v much
  • molerat
    molerat Posts: 36,591
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    hazyfish said:
    What does your NI record show on your personal tax account?
    Hi, thank you -  i've just found my NI record on my account, which says i have full contributions for 2022-23 from paid employment. Does that therefore mean there is no need to pay the voluntary class 2 contribution ? Would there be any benefit to me in paying it ? Thanks v much
    Apart from giving you a warm fuzzy feeling inside for helping out the government finances in these tough times it will do no good whatsoever, there is no need to pay.

    Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.

    Being hated by idiots is the price you pay for not being one of them.

    Jean Cocteau 1889-1963

★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.8K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.