Property News · March 18, 2017

New bombshell for self-employed: pay 400% more NICs… or lose state pension


Despite the chancellor’s NICs U-turn, those who earn below £6,000 still face a five-fold increase – unless the government acts before next yearJane Clark, a self-employed maths tutor who earns around £2,500 a year, faces a 400% increase in her national insurance contributions (NICs) if she wants to retain her right to a state pension.That equates to an extra £588 a year, which is a good chunk of Clark’s earnings – and she is far from alone. Potentially, several hundred thousand self-employed people who earn below £6,000 a year will be clobbered, unless the government brings in measures between now and April next year to reduce the impact. Continue reading…

Source : theguardian.com
Read more…New bombshell for self-employed: pay 400% more NICs… or lose state pension

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