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Skilly
Level 1

Voluntary Class 2 NICs

I'm self employed and my profits are likely to be below the Lower Profits Limit for the current tax year, so I'm paying class 2 voluntary National Insurance Contributions, but I can't see a way to select this or record it on quickbooks online. Could somebody advise me on this please.

3 REPLIES 3
GlinetteC
Moderator

Voluntary Class 2 NICs

I can help you how to record NIC in QuickBooks Online, 

Skilly.

 

You'll have to create an expense and category column and select the liability account the NIC is posting to.

 

Here's how:

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click Accounting in the left panel and choose Chart of Accounts.
  3. Select New.
  4. Choose a Category/Account type (Expenses or Other Expenses).
  5. Fill in the needed details and hit Save & Close once done.

 

Additionally, do check our Employees and Payroll page for reference. From there, you can read some of our great articles that can guide you in managing your payroll effectively.

 

The Community is here to keep helpng if you need more assistance.

Skilly
Level 1

Voluntary Class 2 NICs

Thanks for your response Glinette C but I don't have the accounting option listed on the left hand side. 

I have Home, Transactions, Miles, Taxes, Reports, Invoices. 

I've gone into taxes but the only thing that lets me input anything is under the tax profile section. I have selected to say that I am not exempt from Class 2 NIC and yet it still won't show any class 2 NIC in the tax summary page. There is still a £0 next to it. To my mind it should automatically include class 2 NIC, if you're not exempt and then include class 4 NIC based on profits.

GebelAlainaM
QuickBooks Team

Voluntary Class 2 NICs

Hello there, @Skilly. Thank you for your response. I'm here to share some details about your concern.

If you're using QuickBooks Online (QBO). The steps provided by my colleague above should enable you to record the transactions in your company file. However, based on your description added, it seems that you're using a QuickBooks Self-Employed (QBSE).

I'd suggest reaching out to our Technical Support Team. Here's how:
 

  1. Go to Help.
  2. Select Contact Us.
  3. Enter your concern, then select Let's talk.
  4. Choose a way to connect with us:

 

  • Start a chat with a support expert.
  • Get a callback from the next available expert.
     

You can refer to this article for the support hours: Contact QuickBooks products and services Support.

Please let me know in the comment section if you have clarification about the process or if you have any other QuickBooks-related concerns. Keep safe!

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