National Insurance Contributions
You may get gaps in your record if you do not pay National Insurance or do not get National Insurance Credits.
This could be because you were:
- employed but had low earnings
- unemployed and were not claiming benefits
- self-employed but did not pay contributions because of small profits
- living or working outside the UK
Gaps can mean you will not have enough years of National Insurance contributions to either:
- get the full State Pension (sometimes called ‘qualifying years’)
- qualify for some state benefits
Check your record for gaps
Check your National Insurance record to find out:
- if you have any gaps
- if you’re eligible to pay voluntary contributions
- how much it will cost
You may also be eligible for National Insurance credits if you claim benefits because you cannot work, are unemployed or caring for someone full time.
You may want to pay voluntary contributions because:
- you’re close to State Pension age and do not have enough qualifying years to get the full State Pension
- you know you will not be able to get the qualifying years you need to get the full State Pension during your working life
- you’re self-employed, file Self-Assessment tax returns and do not have to pay Class 2 contributions because you have low profits
- you live outside the UK, but you want to qualify for some benefits
Self-employed people with specific jobs
Some people do not pay Class 2 contributions through Self-Assessment but may want to pay voluntary contributions. These are:
- examiners, moderators, invigilators and people who set exam questions
- people who run businesses involving land or property
- ministers of religion who do not receive a salary or stipend
- people who make investments for themselves or others – but not as a business and without getting a fee or commission
Contact HM Revenue and Customs (HMRC) if you think your National Insurance record is wrong.
If you have any questions and would like to talk through them with us then please get in touch.
www.brookswealth.co.uk info@brookswealth.co.uk 01733 314553