As I will have a higher income in this year, I would like to increase my social security contributions in advance. The social security office is now asking for an estimate of my income from this year. How should I go about this?
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
As I will have a higher income in this year, I would like to increase my social security contributions in advance. The social security office is now asking for an estimate of my income from this year. How should I go about this?
You say yourself that you are certain you will have a higher income, but how do you know this? Just make a rough estimate of your 'income & expenses', round off the amount and pass it on.It's great that you want to proactively increase your social security contributions! Here's the best way to do this:
Make a realistic estimate of your net professional income (your profit) for the entire current year. Take into account factors such as growth, new projects or contracts.
Important: Always submit your estimate on an annual basis, even if you are only halfway through the year. The social insurance fund always calculates on an annual basis and then divides this into 4 quarters.
Example: If you expect to make £6,000 profit this year, submit £6,000 (not a quarterly profit amount).After your adjustment, you will receive a new payment notice with the updated amount for all quarters - both an adjustment of quarters already paid and future contributions.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.