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Yes. As you are self-employed, both of these will be applicable to you.

In terms of Class II, most people choose to pay by direct debit. The current rate of contributions is £2.05 per week.

Class IV National Insurance Contributions are based on the level of profit you are generating. It is collected along with the Income Tax, via your tax return.
Class IV NIC doesn’t pay for your state old age pension as class II does. They are basically just extra tax charged at 8% between £4,745 and £31,720 and 1% on anything above £31,720 with no maximum.

  

"He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice."

                                  "Mac is always available to "pick his brains" and has a solution for any problem!"

"He always offers sound independent advice on all financial and taxation affairs in a way that is easy to comprehend and follow."

"He has helped me through my early associate days and is now proving invaluable in my journey towards practice ownership."

"There is never anything I do in business or personal finance without first consulting Mac."

To read our full accountancy  testimonials, click here.

We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us  on 020 8346 0391 to arrange a mutually convenient time.

This web-site was last updated on 17/01/2012

Specialist Dental Accountants for over 27 years.

Copyright © 2003-2011 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site.

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