When do my class 2 National Insurance contributions have to be paid and how much are they?

HMRC Tax

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Class 2 national insurance contributions in previous years were paid separately from your tax, however, they are now paid in line with your tax return.

Class 2 NIC is a fixed weekly rate of £3 for 2019/20 assuming your profits are above the small profits threshold which, for 2019/20, is £6,365 or lower. If you do not make profits of more than £6,365 then you are exempt from making any class 2 NIC payment.

The amount of class 2 NIC due is based on the number of weeks in the tax year of self-employment. For example, if your self-employment began on the 1st of February 2020, then you should pay 9 weeks of class 2 NIC (which is £3 x 9 = £27) as there are 9 weeks between the 1st of February 2020 and the 5th of April 2020.

If you need any further help with how to pay your tax bill or how to find your reference number, then feel free to contact use by phone or by email:

Phone: 0161 236 7677

Email: info@lloydpiggott.co.uk