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Post Info TOPIC: NI for self-employed person
AlinaAc


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NI for self-employed person
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Hi,

A self-employed person received NI Contributions letter with payment of £60.95 due at the end of July. This was posted as owner's drawings on 20 March 2013.

The same month (March) self-employed business became non-trading and owner formed a partnership.

The owner wants to pay NI from Partnership bank account (obviously, it is personal drawing) as self-employed business bank account has been closed down.

How do I get about it? Should I make a note in self-employed business books that NI Contributions payable has been transfered to Partnership and "reverse" the original posting (CR Owner's drawings, DR NIC for owner payable), then pay the bill from Partnership bank account (CR Bank, DR Partner's drawings)? Will it be correct?

Thank you.



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Wella


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It depends how the partnership capital was transferred, and when.

If the partnership took over sole trader accounts after the transactions then it should not affect the partnership.

If it happened after the formation, then it should be debited to the individual partners current account (in the partnership accounts)

HTH

Bill



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