12:23 26 March 2013
Sometimes people end up falling behind on their National Insurance Payments; it could be for any reason. Discussed below are some important things you should know about how you can catch up.
The only way you can catch up is to pay Class 3 National Insurance payments. You need to complete your payments to the HM Revenue and Customs office within six years to get caught up with all outstanding payments.
It is best if you get caught up as quickly as possible though, because then you will have more money in your own pocket and you will suffer fewer consequences from the HM Revenue and Customs office.
You can even continue to pay on the National Insurance if you have reached the required state pension age. In fact, you should do so until you are caught up to avoid losing benefits at any stage.
What are the consequences of being behind and taking more time than you need to pay?
You will most definitely get a higher penalty rate if you take more than two years to get caught up. There are exceptions to every rule though. Some of the exceptions are: receiving National Insurance credits which should not have been received due to unemployment, attending approved training, or suffering from illness.
If you need more information on the exceptions, you can contact HM Revenue and Customs to discuss your particular situation. They will be able to help you get caught up and inform you of the best way to do this.
The current tax year of 2011 through 2012 has a deadline of 5th April of this year to make all your voluntary Class 3 payments so you retain benefits for the next year.
Disclaimer: Supanet is not responsible for, and disclaims any and all liability for the content of comments written by contributors to this website
x Share us on Facebook