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Jo Nockels ACCA MAAT - TaxAssist AccountantsJo Nockels is the Training and Communications Manager for TaxAssist Accountants who has been a practicing accountant and is a member of ACCA and AAT.

Jo is part of the team of experts that supports 220 TaxAssist Accountants offices across the UK. TaxAssist Accountants was set up 16 years ago to help small business owners and self employed individuals with their accounts and tax returns. We currently service over 40,000 small businesses and are the largest network of accountants in the UK.

Jo currently contributes to Startups.co.uk, Unbiased.co.uk, Inspiresme and The Huffington Post.

Send us your question: If you would like to have a tax question answered here, please send your question to taxquestions@taxassist.co.uk. We can't guarantee to respond to every question individually, but we will publish as many answers as we can here on the blog.

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« Is my company dormant? | Main | What is a K code? »
Monday
Jan162012

Do I pass Class 2 NI if I’m employed and self employed?

DateMonday, January 16, 2012 at 10:42AM

NI when employed and self employedI have a full-time job but I also have a small business of my own. Therefore, I pay Class 2 NI contributions. But as I am paying my ‘stamp’ on my employment income, do I have to continue paying Class 2 as well?

Holly, Melksham

Class 2 contributions count towards:

  • Incapacity Benefit/Employment and Support Allowance
  • Basic State Pension
  • Bereavement benefits
  • Maternity Allowance

I’m afraid you do have to pay Class 2 NI; despite the fact you are paying Class 1 on your employment income. However, if your profits are deemed to be ‘small’ (currently £5,315), you may be eligible for an exception from paying Class 2 NI.

If you are only liable for Class 2 contributions, you should consider your position carefully before applying for an exception.

If you would like to discuss your personal tax affairs in more detail, please feel free to contact your local TaxAssist Accountant.

We provide tax and accountancy services in Bath and throughout the UK - http://www.taxassist.co.uk

 

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