I have ceased sole trade - how do i stop paying class 2 nic.
Do i just stop it at the bank or do i have to tell nico, can my agent tell nico?
Ian
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Stop the DD ASAP
The first thing to do to stop paying Class 2NIC is to stop the DD by contacting your bank.
IR CA will then contact you to ask why DD has been refused and they can be given the answer that you've ceased trading.
In theory perhaps you should contact IR CA, but I have no confidence that this will achieve any efficient action, so I always recommend the stop on DD.
At this time in the tax year consider continuing to pay Class 2 NIC to 5 April as it's a very cheap way of maintaining a contribution record - necessary if no other income / NIC upto end of tax year.