Voluntary NI Contributions – What to Expect After Requesting a Callback

AKUK1

https://forums.moneysavingexpert.com/discussion/comment/81897914#Comment_81897914

You are clearly on the ball. Well spotted! All years are fully paid for the last 6 years. I have 3 years available. 2012/13 (681.55) 2015/16 £824.20 and 2016/17 £824.20. So, yes paying those would give me the maximum available but obviously, paying the third year, the increase would be capped. Thank you!

molerat

You say you have the last 6 years full and only one post 2016 year empty - there are 8 years post 2016, 16-17-18-19-20-21-22-23-24 so something doesn't quite add up ? Depending on your exact circumstances the pre 2016 years may not give "full value", only £5.88 against the post 2016 £6.58 which would make the third year maybe more valuable. What exactly is your full year split 2015-16 and earlier and 2016-17 and later ?

AKUK1

@molerat You’re right — I was wrong to say “the last 6 years”.

There are 8 post-2016 tax years from 2016–17 to 2023–24. Of those, 7 are full (2017–18 to 2023–24), and only 2016–17 is not full. I have 33 years in total.

molerat

The figures only work if you were contracted out pre 2016. In that case the final year could be worth up to £4.81 depending on your COPE amount, most likely £4.12 if you buy the one pre and one post 2016. But without knowing the COPE it is all guesswork.

I do think the 3 years would be worth buying. Buying the 2 cheapest would cost £1505.75 and give best case £13.16 and pay back in 115 weeks (it could be lower, £12.46, so paying back in 121 weeks). All 3 will cost £2329.95 and give £16.58 paying back in 141 weeks, an additional 26 weeks (or 20 weeks) - the difference being the same as between a 45.4% (or 43%) or 37% annuity rate, still excellent value whichever you choose.

AKUK1

Yes, I was indeed contracted out. I really appreciate your assistance, and I look forward to hearing from HMRC in a few weeks. I'll be sure to update! Thank you to everyone who replied. Really appreciated.

Diaz09

Thanks for this - really useful to know about the three attempts. One thing worth mentioning is that when they do call, have your National Insurance number and payment method ready as they can process everything there and then over the phone. I'd also suggest checking your phone actually displays the incoming number properly, as some people have missed calls thinking they were spam when HMRC doesn't always show up clearly on caller ID.

bubblycrazy

Will HMRC always leave a voicemail though, so I know to expect another call soon?