Deadline for voluntary NI contributions extended
There's currently a window of opportunity to fill gaps in your NI contribution history. This was scheduled to close after 5 April 2023, but the government has now extended it. What's the new deadline?
Entitlement to the state retirement pension depends on accruing sufficient qualifying years - those where enough NI is paid, or are treated as being paid. Gaps in work can lead to missing out on qualifying years, meaning entitlement to a full pension may not be achieved. In some cases, it's possible that the minimum number of years to receive anything (currently ten years) may not be achieved.
To rectify this, you can fill gaps by making voluntary Class 3 payments. Usually, you can only do this for the past six years. However, it's currently possible to make contributions for years right back to April 2006. This opportunity was due to end on 5 April 2023, but the government has just announced an extension to 31 July 2023. If you're concerned about your entitlement, check your contribution history via your personal tax account. Remember to consider the years you have left to work before making any payments though.
Related Topics
-
CT61
-
Government finally confirms date for capital goods scheme reforms
The government has finally confirmed when long-awaited changes to the capital goods scheme (CGS) will take effect. The reforms, first announced as part of a wider review of VAT simplification, will come into force on 29 July 2026. What does this mean for businesses?
-
The tax‑free perks league table
You know that there are certain items or services your company can pay for without incurring a tax charge, but you’re hazy on the details. What are the most valuable tax-free perks for owner managers and which ones are you missing out on?