Small Profits Threshold - will not need to pay Class 2 National Insurance Contributions?

skycatcher

Apologies if this has been asked before - my search didn't turn anything up.

Does the following statement from the self assessment return mean I don't need to pay my class 2 to get my NI pension credit for the year?

• Customers with taxable profits of £6,725 or more (the Small Profits Threshold) will not need to pay Class 2 National Insurance Contributions. They will be treated as having been paid to protect your entitlement to State Pension and certain benefits. If your taxable profits are less than £6,725, or you made a loss, you can still choose to pay Class 2 NICs, voluntarily.

If so why would you choose to do so if the NI pension credit is the only thoinhg you want to get?

Thanks,

Sky.

molerat

It clearly states if your profits are below the SPT you may choose to pay class 2 as you will not be credited

Marcon

skycatcher said:

Apologies if this has been asked before - my search didn't turn anything up.

Does the following statement from the self assessment return mean I don't need to pay my class 2 to get my NI pension credit for the year?

• Customers with taxable profits of £6,725 or more (the Small Profits Threshold) will not need to pay Class 2 National Insurance Contributions. They will be treated as having been paid to protect your entitlement to State Pension and certain benefits. If your taxable profits are less than £6,725, or you made a loss, you can still choose to pay Class 2 NICs, voluntarily.

If so why would you choose to do so if the NI pension credit is the only thoinhg you want to get?

Thanks,

Sky.

Do you want to get an NI pension credit? If the answer is 'yes' and your profits are less than £6,725, that's why you'd choose to pay Class 2 NICs voluntarily.

skycatcher

Apologies everyone! I simply misread the statement. Its very clear now you've pointed it out and not sure how I could have misunderstood it!

Sorry for wasting evertones time and thank you for our replies and patience.