From April 2015, Class 2 National Insurance Contributions (NICS) will be collected along with Income Tax and Class 4 NICs through Self Assessment.
The move is intended to simplify the process and will be a major change for many people that are used to paying their Class 2 NICs by either direct debit (monthly or quarterly) or by direct billing by HM Revenue & Customs (six monthly).
The first Class 2 NICs collected under the new regime will be for the tax year ending 5 April 2016. Class 2 NICs are currently £143 per annum.
Existing direct debits and six monthly bills will cease automatically with the last payments being collected as follows:-
- Last monthly direct debit payment collected on 10 July 2015;
- Last quarterly direct debit payment collected on 10 July 2015;
- Last six monthly bill due up by 10 July 2015
If you have any queries regarding the above changes please not hesitate to contact Jonathan Potter at our office (email@example.com).