Why You Need National Insurance Number
The national insurance number is used as a reference number in the pay as you earn system and also by the self employed.
Why you need national insurance number. If you earn between 120 and 183 a week your contributions are treated as having been paid to. You need a national insurance number before you can start paying national insurance contributions. As a result regulated and reliable brokers such as trading 212 will need to confirm your nationality if you want to trade shares or other stock market listed instruments. You can currently only apply for a national insurance number in england scotland and wales if you have entered the uk on a visa.
It is also used in applications for individual savings accounts isas to check that an individual has opened only one isa in a tax year. You do not need to have a plastic national insurance number card. The value of your investments can go up and down and you may get back less than you invest. For example solely uk nationals need to confirm their nationality by providing their national insurance number nin.
It helps hmrc make sure your tax and national insurance ni contributions are recorded against your name. It s used to track you re national insurance contributions and benefits which you are paid. If you live in the uk you will be given one before you re 16. All investing should be regarded as longer term.
This is important because your entitlement to certain benefits like the state pension and incapacity benefit depends on how much ni you ve paid previously. Why do you need my national insurance number. If you have the right to work in the uk you will need to telephone jobcentre plus on tel 0845 600 0643 to arrange to get one. In this article we look at the national insurance system and how to get a national insurance number so that you can work and pay tax.
You cannot let anyone else use you re number. It s important you know. You cannot apply for a national insurance number in northern ireland. A national insurance number is a requirement for working in the uk and all employers will require it.
Your national insurance number nino is used as your unique reference number for the uk social security system throughout your life. The format of the number is 2 letters followed by 6 numbers and 1 letter ab 12 34 56 e. Your national insurance number is required by hmrc should you choose to open a stocks shares isa or lifetime isa. Here s why brokers are all of a sudden asking you for your national insurance number 20th november 2017 richard berry if you ve recently received a letter from your broker asking for your national insurance number best thing to do really is just provide it as soon as possible and put it down to the fca s regulatory requirements.
If you are entering the uk on a tier 2 visa then you will also need a national insurance number to work.
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