Vanessa Woolls
Joined: 8/25/2024
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NI contributions when both employed and self employed
I’m employed (currently on mat leave) and pay class 1 NI contributions, however have recently started my own business too. I’m a bit confused how much (if any) NI I will have to pay in my self employment. I don’t expect to make a profit this first year so am I right in assuming I won’t pay NI? And if not, should I still make voluntary contributions as I am already contributing through my employment. Also, when I am making a profit (less than £6k) would I pay class 4 contributions on this aswell as my class 1 contributions or not? I’m just a little confused by the advice online and want to make sure I’m setting enough aside when it comes to self assessment.