Please help, I am really confused... class 4 NIC?

[EmmaReed84]

So I have gone on line to check through all my taxes and NI

It says I am paying for class 4 NI but when I look up about it, it says...

"The amount of Class 4 National Insurance contributions you have to pay for any tax year is based on your profits for that year. You pay 9 per cent on annual profits between £7,755 and £41,450 (2013-14) and 2 per cent on any profit over that amount."

But then it says total income in which tax has been charged is £1,866 and for NI £2,366?

I am really confused, can someone please help me make sense of this. I am currently sat on hold to HMRC been waiting for AGES!!

[AgentTink]

So I have gone on line to check through all my taxes and NI

It says I am paying for class 4 NI but when I look up about it, it says...

"The amount of Class 4 National Insurance contributions you have to pay for any tax year is based on your profits for that year. You pay 9 per cent on annual profits between £7,755 and £41,450 (2013-14) and 2 per cent on any profit over that amount."

But then it says total income in which tax has been charged is £1,866 and for NI £2,366?

I am really confused, can someone please help me make sense of this. I am currently sat on hold to HMRC been waiting for AGES!!

I take it you have earned overed £7,605 pounds after expences? If yes, then I believe that tax and NI thresholds are different amounts, so for 2012/20313 the thresholds were:
NI = £7,605
Tax = £8,105

So the amount you earned over the above thresholds is what you would get taxed and NI on

hence the difference in the two figures

[bindy]

When it comes NI I don't have a clue. I do my taxes and pay what they ask for, normally it includes extra NI. Otherwise it gets taken out of my bank once a month!