Deadline to catch up on NI contributions extended
An opportunity to fill gaps in your NI contribution history back to 2006 was due to end on 31 July 2023. The government has just announced that this will be extended. What's the new deadline?
Gaps in your NI contribution history can have a very detrimental effect on your state retirement pension rights. Some people may believe they have accumulated enough qualifying years for full entitlement, when in reality there are gaps. These could be due to breaks between employment, insufficient NI being paid due to part time work, and so on. Worse, if you don’t accumulate at least ten qualifying years, you aren’t entitled to anything.
To rectify this, you can fill gaps by making voluntary Class 3 payments. Usually, you can only do this for the past six years. However, it's currently possible to make contributions for years right back to April 2006. This opportunity was due to end on 5 April 2023, but the government extended this to 31 July 2023 in back in March. It has now extended the window to 5 April 2025. If you want to make contributions, they are payable at the Class 3 rate for 2022/23, which was £15.85 per week.
Related Topics
-
Electronic VAT return and payment due
-
Will your employment allowance run out?
Although you have thus far avoided the employers’ NI hike thanks to the employment allowance, you could be hit with a cash-flow crisis if it’s exhausted before 5 April. What can you do about it?
-
How much VAT should you charge on festive goods?
Your business makes and sells goods that are specifically designed for the Christmas trading period and you are preparing for the busy season. What are the VAT issues to consider so that you declare the correct amount of VAT on your returns?