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If you are Self-Employed you need to ensure you have paid the right amount of Class 2 National Insurance Contribution for the 2015 / 2016 period.
The confusion has come about as HMRC continue to run two separate computer systems and when they stopped collecting Class 2 Contributions through Direct Debit in July 2015, the systems didn’t communicate and the data used for creating the tax liability for the period may not include the correct amount of NIC Contributions. Even though HMRC stopped collecting the Class 2 NIC contributions – the amount continues to be due.
What to do:
You need to check that you have paid the correct amount of Class 2 NIC liability for 2015/2016 period or that it is correctly calculated on your self-assessment form.
Sence are working through our clients to ensure this is resolved.
Remember, non-payment if class 2 NIC may affect the tax-payer’s eligibility for a state pension when they eventually reach retirement age.
If you would like further information on National Insurance Contributions, please contact our Accounts Team on 01530 267 320 or email firstname.lastname@example.org
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Good tax advice in a friendly and professional manner.
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