Tax and National Insurance, Personal Insur - boaty

[Magic_Sailor]

All

As I'm now effectively self employed (earning some money along the way whilst abroad) and will certainly remain so until our return to these shores Sept/Oct this year could anybody provide:

1. Advice on how my new status will affect my NI situation - state pension etc.
2. Any information about tax.

Also, does anyone have any advice on personal insurance; what's needed, good deals etc.

MTIA

Magic

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[claymore]

I assume you haven't contacted the Inland Revenue or the DSS. Perhaps it would be a good start?

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Claymore
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[jhr]

I'm not a financial advisor, so this isn't financial advice! But;

It is possible to pay voluntary National Insurance contributions, of about £6 per week, whilst you are abroad. This will maintain your contribution record for State Pension purposes but won't entitle you to things like the Dole (sorry - "Jobseeker's Allowance") when you return. Lots of information available from the Contributions Agency at http://www.inlandrevenue.gov.uk/index.htm but it might be worth ringing one of their enquiry centres (for which you can search on the website) and picking their brains - in my experience they are genuinely helpful and will steer you in the right direction in respect of forms to fill in etc.

Above all, do it now - not when you get back.

You may or may not get tax and social security deductions made locally when working abroad, depending on the formality of the working arrangements ;-) If you ever work in Germany tell them you're an atheist, or you will suffer the Church Tax (true!)

All imho, e&oe, and without prejudice save as to costs etc.

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[Magic_Sailor]

I have Claymore

Kids with computers!

Magic
(Old git with computer)

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[spark]

Self-employed you're liable to pay Class 2 NICs (c.£10/month) and can also pay (voluntary) Class 3 NICs. You can apply for low earnings exemption if you earn below the current Earnings Threshold (c.£4,600pa) but I'm fairly certain that you can't apply retrospectively so best to do it asap if appropriate.

Income tax. Keep records of your earnings and receipts for all related expenses. Get the Self Employed pages along with your tax return and fill it in. If your turnover is less than £15k (I think) it's a doddle. Over £15k is a bit more complicated but bearable.

The Inland Revenue website has all the info that you need but it takes some digging to get to it.



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[beancounter]

Magic,

the Inland Revenue website is worth trying - go to http://www.inlandrevenue.gov.uk/startingup/index.htm. (sorry this isn't a hyperlink - I'm not cyber-savvy enough). This should help you.

Also, some local tax offices run (free or minimal cost) seminars on self employment. I went on one a couple of years ago when I was 'twixt jobs, and it was fairly good.

hope this helps

John

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