National Insurance contributions you make contribute to you
being able to claim incapacity allowance, maternity allowance and basic state
pension.
When you are self employed you pay Class 2 contributions of £2.65
(20112/13) per week, but they don’t have to be paid if you earn below £5,595 as
a sole trader (2012/13). However, if you don’t pay these contributions make sure
you understand that you will be giving up rights to incapacity allowance and
maternity allowance, and possibly basic state pension.
Currently, you need 30 years of NI contributions to make the
state pension, so be careful that you will reach this if you have a year or two
out of the NI system. If you are claiming Child Benefit for children under 12,
you should still receive credits towards your state pension.
Making sure your bookkeeper is also a certified accountant will ensure that your books and accounts are done properly and on time.Business Accountant Sydney
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