National insurance rates and thresholds the UK self-employed, freelancers and sole traders
In this guide I answer common questions about self employed tax that I see online and was most asked in my previous life as a Chartered Accountant.
The type of national insurance payable depends on employment status. Here is a summary of the different types of National Insurance and who needs to pay them
Getting a national insurance number entitles you to not just work in the UK but also the right to claim certain state benefits. Here’s how to apply.
National Insurance is a type of HMRC tax where workers (whether employed or self-employed) pay into a ‘pot’ which then entitles them to certain state benefits
When you are employed and self-employed you’ll pay Class 1, Class 2 and Class 4 national insurance. That can add up, especially if you have substantial earnings. HMRC sets out a maximum amount every tax year of national insurance that you need to pay. Here’s how to check if you are overpaying and how you can get a refund.
Depending on your profits from self-employment you may not need to pay Class 2 National Insurance. But you do have the option to pay it voluntarily. So why would anyone pay something they don’t have to? Let’s look at why.
Your national insurance number is an important piece of information that you’ll keep with you all your life. It gives you the right to work in the UK and the ability to claim state benefits. Here’s everything you need to know about it, why you have one and where to find it.
P11d Private Medical Insurance Form Section I covers the cost of medical and dental insurance paid for on behalf of employee or director.
If you are self-employed and your business makes a loss, then you should make a note and use this to your advantage in future years. Here’s How.
For Updates + FREE Sole Trader Tax Toolkit
The information contained in this website is for guidance and information purposes only. It should not be relied upon as professional accounting, tax and legal advice. For specific advice relevant to your own situation, always contact a professional.
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