If you’ve got a gap in your national insurance contributions, act now, because HMRC have given you more time time to fill the gap.
The deadline to fill gaps in your national insurance contributions was 5 April 2023, but this has been extended to 31 July 2023 due to problems at HMRC.
If you have gaps in your national insurance contributions, you may be able to increase your state pension entitlement when you retire.
You will be able to fill gaps between April 2006 and April 2016.
You’ll need to do a calculation to see what the cost of filling the national insurance gap is, and what additional pension you will receive when you retire, then see whether the cost of making additional contributions is worth it.
To see whether the additional contributions are worth making, you could speak to your financial advisor, citizens advice, or HMRC.
For more information, check out the HMRC website.
If you’re looking for an accountant in Cheltenham, please contact us.
We are a firm of accountants in Cheltenham, helping individuals and businesses in Cheltenham, Gloucestershire, and the rest of England.
Our address is Frogmore House, Ormond Place, Cheltenham, GL50 1JD