Tax and NI - Help please Mr A

[BuggsieMoo]

Im hoping you can help me as HMRC seem unable to answer questions.

1) Ive got my self assessment back and I need to pay tax and Class 4 NI this year. That is fine. However ive been paying vol class 2 NI for years as ive always been exempt - should this past years be taken into consideration?

2) As ive been paying Class 2 as vol payments should they have been an expense and gone through my books? (Ive never put any NI through my books in 5 years despite paying it as vol payments each month)

3) This bill - is it an expense off this years earnings as it will be paid from this years?

Thank you

[Chatterbox Childcare]

Im hoping you can help me as HMRC seem unable to answer questions.

1) Ive got my self assessment back and I need to pay tax and Class 4 NI this year. That is fine. However ive been paying vol class 2 NI for years as ive always been exempt - should this past years be taken into consideration?

No this isn't taken into consideration - you just have the class 4 too

2) As ive been paying Class 2 as vol payments should they have been an expense and gone through my books? (Ive never put any NI through my books in 5 years despite paying it as vol payments each month)

No it doesn't go through as an expense - which I would love...

3) This bill - is it an expense off this years earnings as it will be paid from this years?

The figures are worked on the last financial year you submitted so will be for that year only. They cannot calculate the amount of NI until you give them your figures

Thank you

If this is your first year of paying NI and tax you will be paying tax by 31st January 2014 for year 2012/13 plus 50% again for accrual against tax year 2013/14 and the same again in July 2014.

[BuggsieMoo]

Hi Debbie

All my self assessment say is X amount of tax by 31st Jan 2014 and X amount of NI class 4 by 31st Jan. I dont seem to have to pay anything additional for years forward - apparently thats only if you have to pay over £1000 in tax and NI which thankfully I dont this year. x

[Chatterbox Childcare]

That is good news then :)

[carol cameron]

Hi, apologies if I have mis understood your post buggsie-moo but you seem to be asking where you put ni/ tax payments in your expenses ? If so, you can't actually offset either of those payments as they are not allowable expenses.

I spoke to my accountant this morning and double checked this as for a moment I thought i had missed an expense off my books- sadly I hadn't !

As I say, sorry if I mis understood what you meant.:o

[BuggsieMoo]

Hi, apologies if I have mis understood your post buggsie-moo but you seem to be asking where you put ni/ tax payments in your expenses ? If so, you can't actually offset either of those payments as they are not allowable expenses.

I spoke to my accountant this morning and double checked this as for a moment I thought i had missed an expense off my books- sadly I hadn't !

As I say, sorry if I mis understood what you meant.:o

I was querying if vol payments of NI can be classed as an expense. But also wanted Tax and NI advice as HMRC couldnt help. Thankfully NI people were a lot more helpful. x

[Tazmin68]

Hi

I have recently done a hmrc webinar training and you cannot put any form of ni payments through your books either voluntary type 2 or class 4.