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Spangles
06-01-2008, 08:45 AM
Just thought I'd check with you ...

I am assuming that you don't put your N.I. payments down on your weekly expenditure is that right or should I be adding it on?

sarah707
06-01-2008, 08:50 AM
Don't pay it ... sorry! I have an exemption certificate. Checked my pension status last year and it's still full as they use my ex-husband's allowance... I'll be worth about £75 a week when I'm 65... or will it be age 70 by the time I get there???

Worth looking into - I think it's called home protection or something... you get it while your children are at home until your youngest child is 16... you might save yourself some money :D

miffy
06-01-2008, 08:53 AM
It's called Home Responsibilities Protection and covers your state pension until your youngest child is at least 16.

If you're an NCMA member there may be more info in their booklet about tax and NI which you get every year when you renew your membership.

Miffy xx

oakie dokie
06-01-2008, 07:06 PM
i pay mine dd, its about £8 a month, i dont have to though.

Trouble
06-01-2008, 07:27 PM
i pay dd too

Tily Bud
06-01-2008, 07:31 PM
i pay mine but i might look into the exemption though x

dont see why i should pay it if i dont have to lol !

cheryl x

Raggydolls
06-01-2008, 07:53 PM
would someone explain abit more about this as i have no idea what your on about, what makes us exempt? i would like to know so when i start midning i can try for this straight away if its possible, anything to save some money huh, lol

leanne
xx

louise
06-01-2008, 08:08 PM
Hi, This was on my mind the other week. Last year i got a letter saying i will be a year short as i didnt have enough NI paid in either 2003/04 or 2004/05 i cant remember which it dod say i would be fine if i paid £200 by 2010 which i couldnt afford at time. I think it has something to do with maternity leave as i took 11 months off. I havent had a letter since but then it did take 3 years for that one to arrive. I have been paying NI since i started minding and also wondered if it could go in as an expense.
Lou

chez1373
06-01-2008, 08:10 PM
Ive not even thought about N.I tHink ill give them a ring in the morning

son77
06-01-2008, 08:30 PM
The answer to your question, should I put it down as expenditure? Well I have absolutely no idea!!

I don't but have never thought about it either. I imagine not.

wellybelly
06-01-2008, 08:38 PM
I too got a letter saying i had underpaid my NI contributions and that i needed to pay £200 to top it up, i think it could be because of Maternity leave when I had my 2 children. But do i need to pay it now im childminding...Im confused

buildingblocks
11-01-2008, 11:53 AM
In answer to your question no you can't put it through your books

sarah707
11-01-2008, 12:19 PM
NI like it if everyone pays and sometimes people get panic 'pay this or else' letters. The wording on the leaflets is also unclear and leads people to think they need to pay or they will lose huge benefits. I got a bill once a few years ago for thousands, as they had forgotten I was at home with children.

If you are at home, you can apply for and get home responsiblities cover, currently until your youngest is 16 (I think it's 16).

TBH if you look into it, a year's payments gives you something paltry like 50p a week extra when you're 65... it really is an absolute joke!

Plus I am still covered by my ex-husband's contributions as they link them together (I lose them if I ever re-marry) but then I will be covered by my new husband's I suppose... is that a good speed dating question do you think... 'do you have full NI contributions...?'... off topic Sarah!! :eek:

It is worth getting a pension forecast if you're a certain age or above, but when you realise just how little you get for topping up quite a lot of money, it starts to look a little silly.

http://www.thepensionservice.gov.uk/atoz/atozdetailed/rpforecast.asp

Have fun!

Oh and no you can't put them through your expenses. If you pay them then you just have to swallow it...

Always get a pension forecast before thinking about exemption and get professional advice :thumbsup:

ruby
11-01-2008, 12:19 PM
if you pay tax then you must pay N.I.
but if you don't then you can apply for an excemption certificate this means you don't pay any N. I. not sure how long it last i think it was for 2/3 yrs.
then you have to apply again.

if you do not get one then you can pay self employed NI which is about £2.50 a week
it is good when you are first starting out as you don,t earn that much but when you earn enough to pay then you have to pay the N.I.


i think this only applies to those of us who,s children are over 16 yrs
cathy

chez1373
11-01-2008, 02:11 PM
ive just had my first N.I Bill so for some one to please clarify can i put this through my accounts?

Spangles
11-01-2008, 03:18 PM
Thank you for all the replies and no Chez you can't put them through was the answer!

I'm glad I wasn't the only one who didn't know whether to put them down or not!

chez1373
11-01-2008, 03:20 PM
Thanks very much Lorri

John
23-01-2008, 10:15 PM
The answer to your question, should I put it down as expenditure? Well I have absolutely no idea!!

I don't but have never thought about it either. I imagine not.

I was told by the inland rev and the ncma book tax,ben and ni2006/2007 page 23 you can put your N.I as an expenditure but can't if it's a volutary N.I i have a meeting with my buisness adviser next week about this, but she said the same over the phone this morning.

John.

button68
23-01-2008, 10:40 PM
I won't have paid any N.I. since I finished work to have DS 11 years ago. I don't know if the N.I. people know I've been a SAHM :(

Should I have told them all those years ago to protect my pension?

Amaranth
23-01-2008, 11:43 PM
I have always put my NI contributions through my books. When I did my ICP course we had a visit from someone from the inland revenue and she said that we could.

Carole xx

Spangles
24-01-2008, 09:51 AM
I'm very confused now and don't know whether to put it or not! Oh dear!

I'll wait for further info from John!

OvTarn
24-01-2008, 12:38 PM
Yes you can put it as a business expense as you are the business but it would be a drawing as it is income for you privatley and there for not an allowable expense for tax perposes.

EDIT: should say boyfriend an accountant lol

Spangles
24-01-2008, 03:26 PM
What does that mean? Sorry if I'm being dim! I just put down outgoings and incomings basically, no drawings?

chez1373
24-01-2008, 05:00 PM
I was thinking the same!
what does that mean?
Im very stupidf when it comes to accounts lol

ajs
24-01-2008, 06:05 PM
don't know the answer as to whether the payments can go through the books but i do pay £28 a quarter i spoke to the ni office a couple of years ago and they told me that i needed to top up as i hadn't worked since 1991 when sam was born but i don't mind it isn't much i think it equates to £2 a week

OvTarn
24-01-2008, 10:34 PM
erm.. what i mean is no matter if you put it through your books or not it still going to come out of the business via drawing which you are taking from the business.

i think a few of you are getting confused about the drawings bit, basically this is anthing you take out of a business in either the form of cash or stock for personal use.

b/f said just put it through the books and if you have an accountant to deal with your accounts they will deal with it.

Also, if you run this from your home and this is your only business and no other business is ran from there, put all your residencial bills through your accountant should if they are any good, they will work out the appropriate % of cost for these cost such as "heat & lighting", "Rates & Water" etc...

hope that makes sense and that i haven't confused you even more.