RetireJapan

Tkydon wrote: ↑Thu Nov 23, 2023 8:23 am

Roger Van Zant wrote: ↑Thu Nov 23, 2023 4:18 am

Tkydon wrote: ↑Wed Nov 22, 2023 3:58 pm

500% of the current Class 2, so a 400% increase...

Sorry, but it's a fivefold increase, not four.

5 x 3 = 15 but the first 1 of 5 is the original 3,
so the increase is (5-1) x 3 = 12
5-1 = 4
So the increase does not include the original 3, so is 400%...

0% Increase = 3 still
100% Increase = 6
200% Increase = 9
300% Increase = 12
400% Increase = 15

You're right.
It's a 400% increase, or a five-fold increase.

Next up: how the year 2023 is in the 21st century

I am left wondering whether anyone applying for Class 2 now (before next April) can still get it for past years and for future years.

Also, I guess if everyone is being shifted to class 3 there may longer be a need to go to all the trouble of providing past employment information. I mean, when you’ve been here over a quarter of a century that’s one hell of a lot of homework!

IloveJapan wrote: ↑Thu Nov 23, 2023 9:56 am I am left wondering whether anyone applying for Class 2 now (before next April) can still get it for past years and for future years.

Also, I guess if everyone is being shifted to class 3 there may longer be a need to go to all the trouble of providing past employment information. I mean, when you’ve been here over a quarter of a century that’s one hell of a lot of homework!

There is no sign as yet that everyone is going to be shifted to Class 3. In fact the information we have suggests that continuing to pay Class 2 for those who are currently doing so will still be possible.

The information we have so far suggests that Class 2 payments will no longer be compulsory for UK self-employed folk. I remember the last time they were looking at abolishing them the issue was that certain low earners who didn't earn enough to pay Class 4s would be disadvantaged if they had to move to Class 3. If they don't find a workaround to that issue then it may remain possible to sign up for Class 2s. Perhaps that would also remain an option for those overseas. We just don't know yet.

I called HMRC yesterday to check up on my application. Only had to wait 45 minutes

I took the chance to ask about the abolition of class 2. I was informed that it is not being abolishes for voluntary payments! Yatta~!

Just had a letter from HMRC informing me of the new rates of Class 2 contributions for 2024 - £3.45 weekly.

IloveJapan wrote: ↑Thu Nov 23, 2023 9:56 am I am left wondering whether anyone applying for Class 2 now (before next April) can still get it for past years and for future years.

I called HMRC last week after seeing my March 2023 application had been "completed" on my Government Gateway page and was told I had been successful in my Class 2 NICs application, and that a letter stating so (and I assume back payment slips) had been sent to my parents UK address.

Seasider4374 wrote: ↑Tue Mar 05, 2024 11:08 am
I called HMRC last week after seeing my March 2023 application had been "completed" on my Government Gateway page and was told I had been successful in my Class 2 NICs application, and that a letter stating so (and I assume back payment slips) had been sent to my parents UK address.

Nice one. Congratulations!!

beanhead wrote: ↑Tue Mar 05, 2024 4:33 pm Nice one. Congratulations!!

Thanks! Felt very good making a direct debit for £1500ish, instead of my previously budgeted £6000 to clear my amounts owed!