News0 min ago
Do I Need to Change My NI Class Contributions?
1 Answers
I currently pay 'Class 3' national insurance contributions.
However, fairly recently I became in reeceipt of �875 per month via a shop rental.
Do I need to change my contributions to a different class - 'Class 2, self-employed' perhaps?
If so, would I be entitled to a refund of the difference, as 'Class 2' is a lessor monthly amount than 'Class 3'?
However, fairly recently I became in reeceipt of �875 per month via a shop rental.
Do I need to change my contributions to a different class - 'Class 2, self-employed' perhaps?
If so, would I be entitled to a refund of the difference, as 'Class 2' is a lessor monthly amount than 'Class 3'?
Answers
Best Answer
No best answer has yet been selected by cadfael. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.You only pay Class 2 if you are self-employed. I assume that it just happens you own the shop & get the rental income, but that you do not regard it as being a self-employed job. If I am right, then no - you don't pay class 2.
If I recall correctly, class 3 are voluntary contributions so if you don't come into any of the other classes they would seem to be the ones you go on with.
You could ring the NI Contributions office & ask them to confirm.
One other thing you must remember is to declare the rental income for income tax purposes.
If I recall correctly, class 3 are voluntary contributions so if you don't come into any of the other classes they would seem to be the ones you go on with.
You could ring the NI Contributions office & ask them to confirm.
One other thing you must remember is to declare the rental income for income tax purposes.
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