Whether you are employed or self-employed, there is a maximum limit to the amount of National Insurance (NI) contributions you need to pay each tax year. If you overpay or wrongly pay NI, you can claim the money back.
It may be that you have underpaid and want advice on how to remedy your situation. We expect that new rules increasing the amount of NI payment years needed to be eligible for a UK state pension will prompt expats to top-up their contributions. The changes come into effect on 6 April 2016 and affect anyone retiring after that date. Rather than requiring 30 years of NI payments to qualify for a full state pension, as is currently the case, retirees under the new regime will need 35 years. This means that anyone who has missed out on paying NI due to being abroad may wish to consider paying top-up contributions because fewer qualifying years of NI contributions will reduce the weekly amount.
This is an area that our specialists at Milsted Langdon can assist you with. In fact, we will help ensure that your wealth is maintained over the long term. We have the experience to help you understand the issues and explain the options, regardless of how complex they may be.
We take a practical approach to your tax affairs, advising on and dealing with all the elements available to ensure your tax liability is kept to the lowest possible level.
As well as NI, we can help formulate a plan to deal with the following areas:
- Capital Gains Tax planning
- Help with tax investigations
- Income tax planning
- Inheritance Tax planning
- Offshore holdings
- Succession planning
- Use of trusts
At any point in your life you could require help sorting out your personal tax affairs. No matter what your circumstances are, it is vital that you speak to an expert to make sure that you understand the rules which govern your entitlement to the UK state pension. Click here to contact one of our specialists.