HMRC Announces Deadline Extension For Voluntary NICs
HMRC has announced the extension of the voluntary national insurance contributions (NICs) deadline by two years until 2025.
This new change will give people more sufficient time to identify whether paying voluntary contributions is right for them. It will also mean they will be less likely to miss out on the opportunity to increase their State Pension entitlements.
This is the second time that the NICS deadline has been extended, with the original deadline set for 31st July 2023. HMRC commented that the new extension would allow for thousands more people to add additional years to their national insurance record. HMRC has also confirmed that all relevant voluntary NIC payments will be accepted at the rates applicable in 2022/23 until 5th April 2025.
On this change, Victoria Atkins, Financial Secretary to the Treasury, commented: “People who have worked hard all their lives deserve to receive their State Pension entitlement, and filling gaps in national insurance records can make a real difference. With the deadline extended, there is no immediate rush for people to complete gaps in their record and they will have more time to spread the cost.”
Danielle Harvey, Director at HTB Accountants, said of the new change: “This extension will allow our customers to make more considered decisions and ensure their records are accurate and up to date. It also means that more people will be able to acquire the service from an accountancy firm, like ours, to support them in completing these records.”