Tuesday, June 7, 2011

National Insurace Contributions for UK Expats - The Facts

There is a national insurance contributions paid for the confusion and for Expats UK state pension is a lot of the benefits.

I so want to achieve with this post, what the basic state pension in respect of the basic facts and essential steps that you will need to take, to give you an idea of ​​what should want to contribute on a voluntary basis and / or making up missed payments.

Armed with this information, you make an educated decision on how to proceed in a position to be.

Basic Facts:

A full basic state pension qualifications you have achieved a certain number of years needed to achieve. One year qualifying a year where one of the following applies:

? National Insurance contributions you pay enough income

? You pay National Insurance contributions are treated as

? You are credited with enough National Insurance contributions

If you have a 1945 April 6 or after 6 April 1950 women born after born man, you get a total of 30 qualifying years to get the full basic state pension needs.

2011/2012 tax year, the entire basic state pension will be GBP102.15 per week. The annual cost, or 2.5 percent highest income will increase.

If you have qualifications at least 30 years, your pension will be reduced on a pro rata basis. Eg if you had only 15 years old, you will GBP51.08 per week (15/30 = GBP102.15 50%).

Step 1 - Find out where you are now.

Your first step in Newcastle and the state pension forecasting team contact should ask for a pension forecast.

This years that you already have the state as the level of pension you can expect at present as well as the number of qualifying will tell.

His telephone number is 3600 191 218 44. If you contact them, they will send you complete the relevant form for you to sign and return. (HMRC with all communication, as well as remember, your NI number handy when you call.)

Alternatively, if you want to speed up the process, relevant to your website, download the form and send them directly. Address to send it:

State Pension Forecasting Team, pension, service Tyneview Park, Whitley Road, Newcastle on Tyne, 1BA NE98, England.

Allow them a few weeks to get back to you.

Step 2 - make voluntary contributions

The next step, if you do not already, to start making regular contributions is voluntary. There are 2 types of contributions, you can either class 2 or 3 classes are.

For Class 2 contributions are eligible, you must have been employed or self-employed immediately before you went abroad 'generally'. (If you are in doubt as to whether you qualify, contact the National Insurance contributions - 44,191,225 4811 International nurse on the team).

If you do not qualify for Class 2, Class 3 contributions you need to.

Class 2 contributions are the following benefits:

? They count towards their state pension when you retire

? They employ you and support allowance (previously known as disability benefit) and bereavement benefits to enable you to return to UK

Class 3 contributions less benefits. Ie, they are not entitled to employment and support allowance when you return to the UK.

In addition, Class 3 contributions are more expensive. Class 2 contributions, to pay week (2011/2012) is equal to GBP2.50 per. Class 3 payments equivalent to GBP12.60 per week (2011/2012) are

As you can see, where possible, it makes sense to pay Class 2 contributions.

Start contributing (Class 2 or 3) to the Form CF83, which NI38 document can be found on the last 2 pages required to complete. You a copy of Google "NI38" search can find.

Pay by direct debit or monthly with an annual payment can be made.

Step 3 - Make up missed years

You have not been for some time making a contribution and still does not merit 30 years, you remember last year may go back for 6 years. Your state pension forecast (above) to tell you how much each of these years will have to pay tax.

Remember how for years to pay these instructions will be on the forecast sheet.

Ross Naylor is an experienced, qualified UK financial consultants. For the British expatriates have been common knowledge for over 10 years to provide financial advice




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1 comment:

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    PPI

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