5th April 2025 is the deadline for topping up missing NI conbtribution years going back to 2006. This means that after you have checked your NI contributions at HMRC.gov.uk, if you have a shortfall for the full state pension, you can top this up with Class 3 NI contributions.
For self assessment filing, if your personal 2024 is not filed by 31st January 2025 you will receive a fixed £100 HMRC penalty. If the return is still not received within 3 months of this date there is a £10 daily penalty up to a mximum of £90
Following on from the Bank of Englands base rate cut of interest rates to 5% from 20th August HMRC have cut their late payment interest rate to 7.5% from 7.75%
There will be 4 types of National Insurance for 24/25. Remember that you should not be paying NI when you reach pensionable age, with class 4 stopping in the year you reach this age.
Labour have just won the general election with a landslide victory leading to a 170 seat majority at the time of this newsletter, we shall keep you in touch of the new Governments fiscal policies.