Quick Tax Tip – eliminate your national insurance bill

If you have a small business and are self employed (sole trader) you may be entitled to an exemption from Class 2 national insurance – the £2.65 a week that you pay HMRC.

You can apply for a …

Certificate of Small Earnings Exception

Small earnings from your business mean a profit of:

• less than £5,315 for the period from 6 April 2011 to 5 April 2012

and/or

• expected to be less than £5,595 in the tax year period from 6 April 2012 to 5 April 2013.

All you need to do is complete a form CF10. It can be found on the HMRC:

Click here for the form