News: May 2014
Payment of self-employed class 2 national insurance
Class 2 NIC for the tax year 2014/15 is charged at the rate of £2.75 per week. It is possible for those with earnings below the small earnings limit of £5,885 (for 2014/15), to apply for the small earnings exception using form CF10.
Some taxpayers are both employed and also self-employed and so will have a PAYE code. From April 2014, HMRC can collect outstanding Class 2 NIC by adjusting the PAYE tax code. If a Class 2 National Insurance contributions debt is being collected through a tax code, HMRC will have written to the taxpayer earlier in the year requesting payment. If you do not want your Class 2 National Insurance contributions debt to be included in your tax code, then you will need to pay the amount due in full.
| Date | What’s Due |
|---|---|
| 01 May | Corporation tax for year to 31/7/13 |
| 19 May | PAYE & NIC deductions, and CIS return and tax, for month to 5/5/14 (due 22 May if you pay electronically) |
| 01 June | Corporation tax for year to 31/8/13 |
| 19 June | PAYE & NIC deductions, and CIS return and tax, for month to 5/6/14 (due 22 June if you pay electronically) |
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