Tam n pups winter trip 2022

[chaser]

Since 1968 I have never paid anything but self employed stamps, in fact at the start you did actually go to the post office and buy a stamp and stick it on a card for the year ,you could buy as many as you wanted at any time to complete your card.
Obviously it's moved on now but it still works the same, it's just like any other insurance scheme but nothing to do with any other tax.
Edit and it provides your full pension

Yeah I think that's the best approach

 

[Drum Major]

Definitely

 

[Minxy]

We're you contracted out Tam?

 

[Minxy]

No you can just pay your NIC and leave it at that, as that is the most important thing for your future. Whether you are working or not just pay it. Like I said, a good investment

Unfortunately just paying voluntary contributions is £17 a week, not £3 so quite a difference. If he can somehow qualify from being classed as self employed he's laughing but that will mean doing a self assessment tax return, not difficult, but the only way to show his income.

Tam, one thing to be mindful of though is what you say to them as you don't want to open a can of worms as to why you haven't been doing an SA return before now. Just saying you have been living off your savings may suffice ... Tread carefully...

 

[Stonemags76]

As far as I can tell, self employed class 2 NI is £3 odd per week, & class 3 is voluntary at £17 odd per week. To be eligible to pay class 2 you need to earn over about £7000 & under £12,000 per year. Means declaring self employed, & filling in a tax return, even though you wouldn’t be paying tax, but £3 is better than £17! You need to research it now, as there is a deadline, & the effort will be worth it in the end!
edit: writing at the same time as Minxy !

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[Northernraider]

We're you contracted out Tam?

I'm not sure

 

[Northernraider]

Unfortunately just paying voluntary contributions is £17 a week, not £3 so quite a difference. If he can somehow qualify from being classed as self employed he's laughing but that will mean doing a self assessment tax return, not difficult, but the only way to show his income.

Tam, one thing to be mindful of though is what you say to them as you don't want to open a can of worms as to why you haven't been doing an SA return before now. Just saying you have been living off your savings may suffice ... Tread carefully...

Yes I don't want to mention the fact I do the delivery work as it could just be a complete hassle. My view is I don't pay any tax because I don't earn enough. I also take nothing from the system . And I've no desire to. Even my dental care etc I pay for.

 

[Minxy]

I'm not sure

We're you paying into a work pension scheme of some sort?

 

[Northernraider]

As far as I can tell, self employed class 2 NI is £3 odd per week, & class 3 is voluntary at £17 odd per week. To be eligible to pay class 2 you need to earn over about £7000 & under £12,000 per year. Means declaring self employed, & filling in a tax return, even though you wouldn’t be paying tax, but £3 is better than £17! You need to research it now, as there is a deadline, & the effort will be worth it in the end!
edit: writing at the same time as Minxy !

Aye that seems a lot of hassle. Especially as the amount I earn varies.

We're you paying into a work pension scheme of some sort?

No

 

[Gina M]

Unfortunately just paying voluntary contributions is £17 a week, not £3 so quite a difference. If he can somehow qualify from being classed as self employed he's laughing but that will mean doing a self assessment tax return, not difficult, but the only way to show his income.

Tam, one thing to be mindful of though is what you say to them as you don't want to open a can of worms as to why you haven't been doing an SA return before now. Just saying you have been living off your savings may suffice ... Tread carefully...

If that is the case then I would be weary of opening that can of worms too. If you can afford 17 quid a week then do it it is still an investment that will pay you back very nicely.

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[Northernraider]

If that is the case then I would be weary of opening that can of worms too. If you can afford 17 quid a week then do it it is still an investment that will pay you back very nicely.

Yeah I can't afford to pay 17 a week only to gain a fiver more than that in 17 years time.

I've still 17 years to pay 7 years worth of contributions so it isn't a big worry at present as who knows how long I will live the lifestyle I do now.

Lots of things could change that.

If I was going to pay 17 quid a week I'd be better just putting that in a high interest account

 

[Gina M]

Yes I don't want to mention the fact I do the delivery work as it could just be a complete hassle. My view is I don't pay any tax because I don't earn enough. I also take nothing from the system . And I've no desire to. Even my dental care etc I pay for.

Yes you are right. You are allowed to earn around 12k a year. Becoming self employed is a lot of extra hassle, raising invoices for your payments to your boss (who I suspect will sack you on receiving the first one) keeping records of expenditure, bank statements, fuel receipts etc. once you submit your first self assessment, questions may be asked of previous self assessments/employment, a very big can of squirmy wriggly fat worms.

 

[Gina M]

Yeah I can't afford to pay 17 a week only to gain a fiver more than that in 17 years time.

I've still 17 years to pay 7 years worth of contributions so it isn't a big worry at present as who knows how long I will live the lifestyle I do now.

Lots of things could change that.

If I was going to pay 17 quid a week I'd be better just putting that in a high interest account

Your NIC would cost 816.00 per year for a return of around 2446.00 per year for life at today's rates.

 

[Northernraider]

Your NIC would cost 816.00 per year for a return of around 2446.00 per year for life at today's rates.

And it would be just my luck I'd drop dead the first year lol.

It happened to me dad lol .

 

[Minxy]

Your NIC would cost 816.00 per year for a return of around 2446.00 per year for life at today's rates.

You need a new calculator! Actually it's £17.45 a week so £907.40 pa.

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[Gina M]

And it would be just my luck I'd drop dead the first year lol.

It happened to me dad lol .

That would be my luck too

 

[Gina M]

Actually it's £17.45 a week so £907.40 pa.

Ok, Ok, just jiggling around with some example figures for Tam

 

[CaptainPaul]

There's a man with the right attitude... die before your pension! Lol

 

[Northernraider]

I just worked out ... my income .. roughly 26 weeks at between 3 and 400 gives me about 8.5k . I use around 40 quid diesel a week to make that. I'm sure the tax threshold is about 12k so nowhere near enough to pay tax but never done any of the tax self assessment stuff etc before.

If I don't get the euramobil sold I'll not be going away this winter as I won't have the funds so I'd be working more than normal

Think I might just leave well alone for now and see where I'm at in another year or two.

 

[Northernraider]

There's a man with the right attitude... die before your pension! Lol

Well one of the reasons I went fulltime etc was due to my dad dying before retirement and my sister in law.

My sister retired last year at 55 and she's not been right since . She's had at least 3 health scares


That's why I never bothered with private pensions.


I've enjoyed 6 years of semi retirement lol .

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[Gina M]

I just worked out ... my income .. roughly 26 weeks at between 3 and 400 gives me about 8.5k . I use around 40 quid diesel a week to make that. I'm sure the tax threshold is about 12k so nowhere near enough to pay tax but never done any of the tax self assessment stuff etc before.

If I don't get the euramobil sold I'll not be going away this winter as I won't have the funds so I'd be working more than normal

Think I might just leave well alone for now and see where I'm at in another year or two.

yeah good idea, I've got a headache just talking about it

 

[15edward]

There’s been an awful lot of publicity re the changes - now due July. I’d do some checking out now either with Martin Lewis site or even Citizens Advice
My feeling is you’ll miss out big time of you wait.

 

[Northernraider]

yeah good idea, I've got a headache just talking about it

Just aswell I'm semi retired lol I've wasted hours on this .

And nae further forward.

 

[Manic]

It seems you have thoughts that the Vario may not work for you (which I agree with) and you say the EuraMobil is worth £30,000 , so why not reduce the price of it and get it gone and then decide

Did you get shot of the Nemo.

 

[Langtoftlad]

The only fly in that ointment Tam is that I believe you only have a limited time to "pay back" missing years...

But you're right - pensions are a gamble regardless of what level.
For me, it was a no brainer to pay just over £3k for my missing years to get a near maximum - the break even point is three years, but to get the final £2/week, the break even was over 7 years so I didn't bother

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[Minxy]

The only fly in that ointment Tam is that I believe you only have a limited time to "pay back" missing years...

Yes, after the end of July there's no way of paying for 2016 and earlier.

 

[Langtoftlad]

And nae further forward.

...and that's why many don't bother, file it under 'too difficult' pile
But the Govt/HMRC have made huge inroads into making the process easier/simpler.

After all, it is your money.

 

[Gina M]

Just aswell I'm semi retired lol I've wasted hours on this .

And nae further forward.

I know but it was worth checking out for your own piece of mind. 3 quid a week, it would have been worth it. Now you have the correct figures from all of us "experts" on here you can put it to bed

 

[Northernraider]

There’s been an awful lot of publicity re the changes - now due July. I’d do some checking out now either with Martin Lewis site or even Citizens Advice
My feeling is you’ll miss out big time of you wait.

Yes, after the end of July there's no way of paying for 2016 and earlier.

I'm paid up in full to 2016 anyway . Just nothing for the last 6 years

 

[Just smiffy]

Well one of the reasons I went fulltime etc was due to my dad dying before retirement and my sister in law.

My sister retired last year at 55 and she's not been right since . She's had at least 3 health scares


That's why I never bothered with private pensions.


I've enjoyed 6 years of semi retirement lol .

That’s why I took my private pension at 55 and bought the motorhome to get some life experiences in, I didn’t/ Don’t know if I’ll live to be 66 for the state pension, I’ve done more then my 35yrs so will get a full one….

I’ll be cheeky and say when you get to retirement age Tam they may still have pension credit or something going and it’ll top up your pension anyway so is it worth paying in anything anyway…

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