Changes to how you pay Class 2 NICs

If your are self employed, namely a sole trader or a member of a partnership, you will know you have to pay Class 2 National Insurance Contributions (NICs). These are currently set at £2.50 a week which equates to £130 a year.

From April 2011, the due date for payment of this liability has changed from monthly during the year to becoimng payable in two equal instalments - the first instalment is due 31 Januray within the tax year and the second instalment is due by 31 July following the tax year. In this way, the liability for Class NICs exactly mirrors the payment dates under self assessment. You now have longer to pay this Class 2 NIC liability.

There is more information on this on HMRC's website - click here

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