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Income tax and NI

Discussion in 'Private tutors' started by Informant, May 23, 2019.

  1. Informant

    Informant New commenter

    Not sure if other "self employed" tutors have picked this up from the 'Retirement' forum, but modestly paid self employed people can buy a whole year of pension credit through Class 2 NI contributions for £156/year. If not self employed the obvious option would be Class 3 contributions at five times the price. Not giving advice here, but it will be a bargain for me and pay back in the first year.
     
  2. Piranha

    Piranha Star commenter

    Yes, it has been debated in retirement, but it is worth repeating. And also the fact that you can claim up to £1,000 instead of expenses meaning that those with no expenses can earn up to £1,000 tax free.
     

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