Should You Really Top Up Missed National Insurance Contributions ? | Cameron James

Описание: UK National Insurance, what is it for? Common problem that occurs for UK expats when it comes to managing their pension is that they tend missing national insurance contributions. What is a national insurance contribution? National Insurance Contributions (NIC) are taxes paid by UK employees and employers to fund government benefits programs, including state pensions. We get these questions a lot from our clients asking about their missing national insurance contributions.

As a UK expat that lives abroad, you are obliged to pay the national insurance contributions. To receive the minimum State Pension, you must have contributed for a total of ten years. You are required a full 35 years of national insurance contributions to be eligible for the maximum UK State Pension.

These circumstances may trigger several questions in your mind such as how long to pay the national insurance contributions? Can you stop pay missing national insurance contributions? In what circumstances you better not pay missing national insurance contributions? How to make up the shortfall in national insurance contributions? And many other questions.

While the UK State Pension is unlikely to be enough to sustain you financially in your pension period, it really is a great alternative for combining your revenue and adding another option of investment. Taxation can be a complicated subject for locals, let alone expats. As expats, you have to deal with both the UK tax system, national insurance payments as well as the local tax system of the country you are living in, which can be a total hassle.

Furthermore, your financial status and personal circumstances can influence the reasons whether or not you should pay National Insurance Contributions while living abroad. In this video, Dominic James Murray, an expat pension transfer expert with more than 10 years of experience, will explain the reason why you have to pay missing national insurance contributions, and what are the best options for you to decide whether to pay it or not.

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Video Timestamp:
00:00 - Intro
00:29 - Why Do You Have Miscontributions?
00:55 - Is It Worth to Pay the Miscontributions?
01:36 - Circumstances Where Paying Miscontributions Is Beneficial
02:25 - When You Should Complete the Miscontributions?
02:44 - Circumstances Where Paying Miscontributions is Not Beneficial
03:41 - Closing

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Dominic James Murray, CEO and leading Pension Transfer Specialist of Cameron James. Helping expats in 23 countries for over 10 years (including the USA and non-UK residents):

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