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Self Employed Class 2 National Insurance Tax Changes

Hello, I’m Neil Screaton, owner of Screatons Chartered Accountants. If you’re self-employed, there are sort of big things for folks in the world of Class 2 National Insurance. Just as a reminder, Class 2 National Insurance is payable from self-employed people with profits above £5,965 per year. It gives entitlement to State Pension and other State benefits and generally speaking at the moment, it is paid by direct debit every month or it is paid bi-annually by invoice. Now revenue customs are changing and from now on, they’ve sent letters out to all self-employed people to say that the direct directs will be cancelled, Class 2 will not be collected along with income tax and Class 4 National Insurance with the end of year Self Assessment Tax Return. This will simplify things in a lot of ways because profits will be declared on the tax return and you will then be able to determine from that whether you’re liable for Class 2 or not. So you’re going to have to fill in an Exception Form, as has been the case in previous years. If you are below the limit for paying Class 2, you will still be asked to pay voluntarily. As a reminder, it is a relatively cheap way to pay your Class 2 National Insurance and to therefore, guarantee your State Pension and other benefits. There is talk from Revenue Customs that in the future they’re going to eliminate Class 2 National Insurance all together and Class 4 National then will give the entitlement to State Benefits, Pensions, and so forth. So if you’re self-employed, don’t be concerned if your direct debit gets cancelled or that you don’t receive a bill. All of the liability for 2015-16 will not be due until January 2017, so don’t be concerned if you don’t hear anything from them. If you think this will affect you, if you’ve got any questions then give us a call at 01827 715264 or e-mail us at info@screatons.co.uk or go to the website: http://www.screatons.co.uk. Thank you.