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We are committed to delivering the highest level of professional competence and expertise at a cost effective price. Whether you are a company, partnership, sole trader or a sub-contractor, we are here to help you with your accounts, self assessment, etc.

• Corporation Tax
• Personal Tax
• RTI Payroll
• Self Assessment
• VAT Returns

352 Herringthorpe Valley Rd

Stag, Rotherham

S60 4LA

e: info@branagans.co.uk

t: 01709 327 215

Please feel free to visit or contact us during the following times:

Monday-Friday*  :

*Please contact us if you require an out of hours appointment

9AM to 5PM

© 2024 Branagans Accountancy Services Ltd | Company Number: 5965462 | VAT Number: 917 8490 87

BRANAGANS

Accountancy Services Ltd

01709 327 215 | info@branagans.co.uk

November 2024 | Only Six Months Left to Backdate State Pension Top-Ups to 2006

Individuals with an incomplete National Insurance record between 2006 and 2016 have until April 5, 2025, to top up their National Insurance (NI) payments and secure the maximum state pension. Normally, voluntary NI top-ups can be made for up to six years to complete an NI record. This deadline is essential for anyone looking to enhance their state pension entitlement, ensuring they receive the full benefits available to them.

However, the Government has widened this period for a short time. Data from HMRC shows that more than 10,000 top-up payments worth £12.5m have been made through the digital service set up by HMRC since April this year.

WHO IS ELIGIBLE TO TOP UP THEIR NI RECORD?

If a man is born after April 6, 1951, or a woman is born after April 6, 1953, they are eligible to make these voluntary contributions. This can be done online, and more information is available on Gov.uk.

Most customers who used the online service topped up one year of their NI record, according to HMRC, with the average payment being £1,193. But some people are not eligible to top up.

You cannot pay voluntary contributions if you:

• Do not have gaps in your National Insurance record - unless you're getting Class 3 credits and are eligible to pay Class 2 contributions.
• Are a married woman or widow paying reduced rate National Insurance.
• Have passed the deadline for paying contributions for the period that has gaps.

Source: Gov.uk

Topping up may make sense for anyone who reaches state pension age after 2016 if they have less than 10 full years of NI contributions, as that will mean they have no entitlement to the state pension. To get a full state pension - currently £221.20 per week - you need 35 years' worth of full NI contributions. The amount was 30 years prior to 2016.

WHY DO PEOPLE HAVE GAPS IN THEIR NI RECORD?

There are several reasons why someone may not have a full NI record. For example, they may have taken time out of work to raise their children. Or they may have been unemployed, self-employed, on a low income or even working abroad and not paying UK NI.

However, topping up NI isn't right for everyone. If you are still working, you may be able to complete your full record with the years you have left in employment. You may also qualify for Home Responsibilities Protection (HRP) or National Insurance Credits, which replaced HRP after 2010. These provide compensation for the years you are out of work without the need to pay extra NI.

You should check that any NI credits you might be entitled to have been applied before you spend money on topping up.

WE CAN HELP YOU MEET YOUR OBLIGATIONS

A gap in your National Insurance (NI) record can be concerning, but it's important to verify that you have received every credit you're entitled to before considering any top-ups. If you're uncertain about your NI record or need assistance, please contact us at Branagans Accountancy Services. We are here to help you navigate this process and ensure you get the benefits you're entitled to. Contact us at 01709 327 215 or email info@branagans.co.uk for expert advice.

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