Class 2 National Insurance Contributions – pay while stocks last!
If you are self-employed and have a deficient National Insurance contribution record, paying Class 2 National Insurance Contributions (Class 2 NIC) could help you boost your state pension. For those who have previously claimed the small earnings exemption, making contributions for any in-date year is often a cost-effective way to fill gaps.
Why Pay Class 2 NIC?
Class 2 contributions offer a more affordable way to strengthen your National Insurance record. With a current rate of just £2.85 per week, they are significantly cheaper than the Class 3 voluntary contributions, which cost £14.25 per week. By making up missed years with Class 2 contributions, you can secure valuable qualifying years for your state pension.
Changes Coming in April 2018
From 6 April 2018, Class 2 National Insurance Contributions will be abolished. After this date, plugging gaps in your record will only be possible by paying the more expensive Class 3 voluntary contributions. This significant increase highlights the importance of acting now while Class 2 contributions remain an option.
Who Should Consider This?
If you’re self-employed and have previously claimed the small earnings exemption, reviewing your contribution record is essential. Filling any gaps now can save you money and ensure you’re on track for the maximum state pension entitlement. Waiting until after April 2018 could result in substantially higher costs.
How We Can Help
At Lewis Brownlee, we understand the complexities of National Insurance Contributions and state pension planning. Our team can help you review your contribution record, identify gaps, and guide you on the most cost-effective way to fill them.
Contact us today for personalised advice. Visit our contact us page to speak to one of our experts and ensure your state pension is secure.
Act Now to Save Money
Paying Class 2 National Insurance Contributions before April 2018 is a smart financial move. Let us help you optimise your contributions while minimising costs.
How We Can Help
At Lewis Brownlee, we offer expert guidance on navigating the complexities of National Insurance Contributions and state pension planning. Our team can help you assess your contribution record, identify any gaps, and determine the most cost-effective solution to ensure your financial future. Whether you need advice on paying Class 2 contributions or understanding the implications of upcoming changes, we are here to assist. Visit our contact us page to connect with our experts and take control of your state pension planning today.