NI Contributions as a Poker Player

[JGill_DTD]

Hey,

Spittles had an interesting facebook status earlier which got me considering what I should/shouldn't be doing when it comes to National Insurance.

I've been playing full time for the past 18 months or so, should I be making NI contributions? I understand technically I am down as unemployed due to poker not being taxable. I know paying NI is a good way for having a state pension in the future, but I certainly don't expect to be grinding until I retire and expect at some point I will move on to a job where I will be taxed. What's the best way to approach this? Perhaps pay into a savings account and manage that myself?

[Woodsey]

You need 35 years contributions to get full state pension when you retire. If you plan to work a normal job for 35 years after you have finished with poker I wouldn't sweat it, if not you should pay the min requirement really to be safe. Don't know how mcuh that is though or how you do it.

[TightEnd]

definitely do voluntary NI contributions Jonathan

start here https://www.gov.uk/voluntary-national-insurance-contributions

[JGill_DTD]

definitely do voluntary NI contributions Jonathan

start here https://www.gov.uk/voluntary-national-insurance-contributions

Makes perfect sense, ty Tighty

[scotty77]

I think Doobs will be the expert on this.

Long term you'd want to have some safe and diverse investments for your retirement.  The sooner you do this the better.

Don't just have all your millions in stars.

[mikeymike]

Go see a local accountant - who for about £120 - will set you up so that you do not have to make contributions - but the government will make your contributions for you

[doubleup]

You need 35 years contributions to get full state pension when you retire. If you plan to work a normal job for 35 years after you have finished with poker I wouldn't sweat it, if not you should pay the min requirement really to be safe. Don't know how mcuh that is though or how you do it.

This is the key point, you will just be wasting money if you pay voluntary conts that could put you over 35 years. 

You can also backdate voluntary conts, so there isn't any rush to pay them anyway.

[The Camel]

You need 35 years contributions to get full state pension when you retire. If you plan to work a normal job for 35 years after you have finished with poker I wouldn't sweat it, if not you should pay the min requirement really to be safe. Don't know how mcuh that is though or how you do it.

This is the key point, you will just be wasting money if you pay voluntary conts that could put you over 35 years. 

You can also backdate voluntary conts, so there isn't any rush to pay them anyway.

There is a limit how far you can backdate.

Can't for the life of me remember how long though. 10 years maybe?

[redsimon]

You need 35 years contributions to get full state pension when you retire. If you plan to work a normal job for 35 years after you have finished with poker I wouldn't sweat it, if not you should pay the min requirement really to be safe. Don't know how mcuh that is though or how you do it.

This is the key point, you will just be wasting money if you pay voluntary conts that could put you over 35 years.  

You can also backdate voluntary conts, so there isn't any rush to pay them anyway.

There is a limit how far you can backdate.

Can't for the life of me remember how long though. 10 years maybe?

https://www.gov.uk/voluntary-national-insurance-contributions/deadlines

[arbboy]

Also factor in whether there will even be a state pension in 40 years when you are 65.  The pension age might be 75 by the time you reach it as well.  I wouldn't worry too much about it.  If you are successful enough as a gambler to not have to work all your life you shouldn't really be sweating the state pension.  Also the fact you have lived a gamblers life will make it much less likely you live well into pensionable age to worry about this.  IMO i wouldn't bother contributing.  I haven't for 12 years.

[redsimon]

Nothing to stop you putting £2880 pa into a Private Pension JGill, currently HMRC top this up to £3600, free money's worth getting?

[JGill_DTD]

Nothing to stop you putting £2880 pa into a Private Pension JGill, currently HMRC top this up to £3600, free money's worth getting?

This sounds ideal, any links or ideas as to where is best to set this kind of thing up?

[verndog158]

Nothing to stop you putting £2880 pa into a Private Pension JGill, currently HMRC top this up to £3600, free money's worth getting?

This sounds ideal, any links or ideas as to where is best to set this kind of thing up?

pretty sure if you head into your bank they will be able to point you in the right direction? might be wrong. been debating starting one myself recently

[doubleup]

No charges to set up a sipp

https://www.youinvest.co.uk/

put in the £2880

govt magics it up to £3600

pick random stuff to invest in

profit???

[verndog158]

No charges to set up a sipp

https://www.youinvest.co.uk/

put in the £2880

govt magics it up to £3600

pick random stuff to invest in

profit???

ISA accounts too, 15k a year tax free into that, stocks and shares investments