sammiejoe
Well-Known Member
hi everyone, Im reading up on tax and ni contributions, it is all going in ok apart from im confused at this bit:
If you're self-employed
If you're self-employed you pay Class 2 and Class 4 National Insurance contributions. The rates are:
If your profits are expected to be less than £5,595 you may not have to pay Class 2 National Insurance contributions.
Your Class 2 National Insurance contributions payments are due on 31 January and 31 July, the same as a Self Assessment tax bill. You pay Class 2 National Insurance contributions either monthly or six monthly by Direct Debit follow the first link below for more information about payment dates.
You pay Class 4 National Insurance contributions when you pay your Income Tax.
confused.com lol
You know what things just stop going in and u cant make heads or tails of it lol, layman's terms please ?
sammie xoxo
If you're self-employed
If you're self-employed you pay Class 2 and Class 4 National Insurance contributions. The rates are:
- Class 2 National Insurance contributions are paid at a flat rate of £2.65 a week
- Class 4 National Insurance contributions are paid as a percentage of your annual taxable profits - 9 per cent on profits between £7,605 and £42,475, and a further 2 per cent on profits over that amount.
If your profits are expected to be less than £5,595 you may not have to pay Class 2 National Insurance contributions.
Your Class 2 National Insurance contributions payments are due on 31 January and 31 July, the same as a Self Assessment tax bill. You pay Class 2 National Insurance contributions either monthly or six monthly by Direct Debit follow the first link below for more information about payment dates.
You pay Class 4 National Insurance contributions when you pay your Income Tax.
confused.com lol
You know what things just stop going in and u cant make heads or tails of it lol, layman's terms please ?
sammie xoxo