Are voluntary Class 2 NI payments for self employed with no earnings this year possible?

For years, I've been part-time self-employed with annual profits below £5k. (This complements income from savings and investments.) I've always been paying voluntary class 2 contributions, but this year I've had no earnings at all, though the businss still exists. Can I still pay voluntary class 2 contribtions as usual for 23-24, or do I have to have earned at leat £! (or whatever the minimum might be) to be allowed to do so? Thanks.

Hi

Yes, you can pay voluntary Class 2 National Insurance contributions (NICs) for the 2023-24 Tax year as long as you are in gainful self-employment. Gainful employment is when someone has the desire, hope or intention of achieving remuneration or profit for their services and efforts from any trade, business, profession, office or vocation. When you complete your self-assessment return you will need to tick the box to pay voluntary contributions. In future, when you cease self-employment you will need to record the date you ceased self-employment on your SA return and also inform the National Insurance Office. You will not be able to pay voluntary Class 2 NICS after you cease self-employment. However, you would be able to pay voluntary Class 3 NICs.

Hope this helps

Thank you


 

Many thanks!