Taxpayers given more time for voluntary National Insurance Contributions
The government has extended the voluntary National Insurance deadline to 31 July 2023. The original deadline was 5 April 2023. This means taxpayers have more time to decide whether to fill any gaps in their National Insurance record dating back to April 2006, to boost their new State Pension.
As part of transitional arrangements to the new State pension, eligible taxpayers can make voluntary contributions to any incomplete years between 2006 and April 2016.
As your tax agents, we would like to make you aware of the new deadline, so you do not miss out. We would like to encourage you to act as soon as possible so you don't miss out.
The Steps for doing so are as follows:
1) Check your National Insurance record, through the HMRC app or your Personal Tax Account.
2) Get a State Pension forecast, to see what you are entitled to and if there are any gaps
2) Decide if making a voluntary National Insurance contribution is worthwhile for you and your pension,
3) Choose how you want to make a payment on GOV.UK.
4) Make the full payment before the deadline, which is 31 July 2023.
If you need help with this process, feel free to send us a message using the link below.
