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National Insurance ..

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    National Insurance ..

    If I pay myself the absolute minimum salary ( 5K odd ) and take whatever else needed as dividends, do I need to pay NI, as this is at ET?

    Or is it a case that I dont have to but its advisable i should?

    #2
    No

    No

    HTH

    Comment


      #3
      Originally posted by skelm View Post
      If I pay myself the absolute minimum salary ( 5K odd ) and take whatever else needed as dividends, do I need to pay NI, as this is at ET?

      Or is it a case that I dont have to but its advisable i should?
      You may want to think about the implications of not paying any NI at all on your qualifying years for the state pension.

      A fairly chunky bit of thinking needs to be done just to work that bit out, before you start to think what the state pension is likely look like by the time that you could receive it and whether it is worth worrying about at all.

      Comment


        #4
        There's changes happening in 2010 (I think) where many of us a bit older will qualify for a state pension on much lower years of contributing. I forget the exact deets at the moment but I would already qualify I believe as I've paid 35 years of NI already.
        Public Service Posting by the BBC - Bloggs Bulls**t Corp.
        Officially CUK certified - Thick as f**k.

        Comment


          #5
          Originally posted by Fred Bloggs View Post
          There's changes happening in 2010 (I think) where many of us a bit older will qualify for a state pension on much lower years of contributing. I forget the exact deets at the moment but I would already qualify I believe as I've paid 35 years of NI already.
          Fred, that's 'cos you're an old bugger. However currently if you have earned income above the LEL this gets you 1 years credit. Event though the NI payment is nil.

          Comment


            #6
            Originally posted by ASB View Post
            Fred, that's 'cos you're an old bugger. However currently if you have earned income above the LEL this gets you 1 years credit. Event though the NI payment is nil.
            Hmmm, that I didn't realise. Presently I'm paying myself £10k salary but that's going to change. So......... I can pay myself £1 above the LEL and still get NI credit? Yes, I'm an old bugger, many a good tune etc.......
            Public Service Posting by the BBC - Bloggs Bulls**t Corp.
            Officially CUK certified - Thick as f**k.

            Comment


              #7
              Originally posted by Fred Bloggs View Post
              Hmmm, that I didn't realise. Presently I'm paying myself £10k salary but that's going to change. So......... I can pay myself £1 above the LEL and still get NI credit? Yes, I'm an old bugger, many a good tune etc.......
              What you don't get of course is serps or s2p or whatever it is called at the moment. I believe you can now get a pension forecast on line too.

              Comment


                #8
                Originally posted by ASB View Post
                What you don't get of course is serps or s2p or whatever it is called at the moment. I believe you can now get a pension forecast on line too.
                Thanks ASB, last time I looked you couldn't get a forecast until a new IT system is installed at the DWP. Best not hold my breath waiting for that to happen..........
                Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                Officially CUK certified - Thick as f**k.

                Comment


                  #9
                  I called NI a couple of weeks ago, service was fantastic!

                  I was so surprised what with it being a Government agency, just have a chat with them but you do want to make some kind of contribution for NHS, benefits and state pension purposes.

                  Comment


                    #10
                    I think you should pay some NI just for the qualifying years.
                    State pension won't be much but will always be set at level that a pensioner could live on. I can't imagine any government in their right mind will allow pensioners to be completely destitute ... they would just get voted out.
                    It won't be much but it will be something extra to top up with.

                    Comment

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