I am a Director of a company and throughout 14-15 I have paid myself £663.00 / month (£7,956.00) which has not attracted Tax or NI.
What do I / should I have paid to get NI contribution to Pension, I believe I have 32 years but I understand that with the changes coming I will need 35 years to get full Government Pension.
If I was to pay myself additional monies this week before end of 14-15 what should I pay. I have read before that it may be as little as a few hundred pounds but in doing so I will then be liable to pay NI, or is it my company?
How do I make these payments I currently declare payments etc using HMRC Basic Paye Tool RTI. (BPT RTI)
I assume it will work out payments due but how simple is it to make the payment, just pay direct online via BPT-RTI or will I have to write a cheque out and send it or set up another payment portal with HMRC.
Q1. Should I pay myself more to make NI contributions click in and therefore get an additional year contribution?
Q2. What is the minimum payment I need to make?
Q3. Can I do that this week via BPT-RTI?
Q4 Will BPT-RTI work out all payments due etc
Q5 Is it a simple payment via BPT-RTI, I have not paid any NI in the last 3 years since setting up my own company as I have always paid myself less than minimum, will I have to register for Ni or is that already in place because my company is on the system
Apologies for the long request but all are interlinked
I am a Director of a company and throughout 14-15 I have paid myself £663.00 / month (£7,956.00) which has not attracted Tax or NI.
What do I / should I have paid to get NI contribution to Pension, I believe I have 32 years but I understand that with the changes coming I will need 35 years to get full Government Pension. Minimum you need to pay is £5772 so your payment of £7956 will get you a full years contribution. You can buy extra years if you want. If you contact the NIC department at HMRC, ask them to confirm how many full years you have and how much will cost you to buy extra years as necessary.
If I was to pay myself additional monies this week before end of 14-15 what should I pay. I have read before that it may be as little as a few hundred pounds but in doing so I will then be liable to pay NI, or is it my company? No point in paying any more as you already have your year's NI contribution. If you pay any more you will just pay EE NIC at 12% on any payment.
How do I make these payments I currently declare payments etc using HMRC Basic Paye Tool RTI. (BPT RTI) No payments needed. See above
I assume it will work out payments due but how simple is it to make the payment, just pay direct online via BPT-RTI or will I have to write a cheque out and send it or set up another payment portal with HMRC.N/A - see above
Q1. Should I pay myself more to make NI contributions click in and therefore get an additional year contribution? See above
Q2. What is the minimum payment I need to make? See above
Q3. Can I do that this week via BPT-RTI? See above
Q4 Will BPT-RTI work out all payments due etc See above
Q5 Is it a simple payment via BPT-RTI, I have not paid any NI in the last 3 years since setting up my own company as I have always paid myself less than minimum, will I have to register for Ni or is that already in place because my company is on the system Depends how much you have paid in the last 3 years as you may have paid enough in each year to get a full years contribution even though you havent actually payid any NIC.
Apologies for the long request but all are interlinked
