Self employed may lose out on state pension

An increasing amount of self-employed people in the UK may not be eligible for a full state pension when they retire, the Association of Chartered Certified Accountants (ACCA) has warned. ACCA has stated that self-employed people who attained state pension age on or after 6th April 2010 will need to have 30 years of National Insurance Contributions (NICs) to qualify for the full basic state pension. Proposed changes to the state pension could increase this to 35 years for those reaching state pension age from April 2016. Additional  groups that may not be eligible for the full state pension include self-employed people who do not have to pay Class 2 NICs, because they have been issued a CA6812 Small Earnings Exception certificate or are residing abroad. Chas Roy-Chowdhury, ACCA Head of Taxation, recommended that anyone falling into these categories should contact HMRC to request a NICs statement.
Read more about the warning from ACCA at:
http://www.thisismoney.co.uk/money/smallbusiness/article-2539915/
Thousands-self-employed-expected-miss-state-pension.html

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