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Class 2 National Insurance Contributions

From April 2015 class 2 NIC will be collected through the self-assessment system and included in your 2016 Tax Return as an additional liability.

Class 2 NIC for the year is £2.80 per week for the number of weeks of self-employment in the tax year. If your profits are less than £5,965 or your business incurs a loss class 2 NIC is not due but can be paid voluntarily. Payment entitles you to various benefits, eg employment and support allowance, maternity allowance, bereavements benefits and state retirement pension. We recommend class 2 NIC is paid voluntarily unless you are sure your future benefits are protected. The rules are complicated and if you have any queries in connection with national insurance contributions and benefit entitlements please do not hesitate to contact us. We do not want you to lose your entitlement to future benefits by not keeping up to date with your national insurance contributions.

Addison & Co

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