The UK government has extended the deadline for voluntary national insurance contributions (NICs), giving taxpayers more time to fill gaps in their contributions and boost their state pensions. The previous deadline of 5 April 2023 had caused concerns among members of the public, leading to the extension until 31 July 2023.
The extension is part of transitional arrangements to the new state pension, which allows taxpayers to make voluntary contributions to any incomplete years in their national insurance record between April 2006 and April 2016. After an increase in customer contact, the government has decided to extend the deadline to give people more time to make their contributions.
HM Revenue & Customs (HMRC) is urging taxpayers to take advantage of the extension and make the necessary contributions to avoid missing out on boosting their state pension. Any payments made will be at the lower 2022-2023 tax year rates.
The Financial Secretary to the Treasury, Victoria Atkins, said, “We’ve listened to concerned members of the public and have acted. We recognize how important state pensions are for retired individuals, which is why we are giving people more time to fill any gaps in their national insurance record to help bolster their entitlement.”
Boosting your state pension by making voluntary contributions to your national insurance record is an important decision that requires careful consideration. At MI Accountants and Tax Advisers, we have extensive experience in helping individuals navigate complex tax matters and make informed decisions about their finances. Our team is always ready to assist you with any tax-related issues and ensure you make the most of the extended deadline for voluntary national insurance contributions.
Don’t miss out on the opportunity to boost your state pension. Contact us today on 0203 755 2863 or email us at [email protected] to learn more about how we can help you.