Really? You may ask yourself if self employed persons should pay National Insurance? The answer to your question is a simple YES!!!
Why? As a citizen of your country, it is important for you to make a contribution to the National Insurance Scheme (NIS), your contribution is to assist you with qualifying for certain benefits including state pentions. That is, anyone over the age of 16 years old and under the standard pensionable age of 67 who is gainfully self employed and takes in an income, no matter how small.
Now the pandemic has hit the service sector really hard and as such, there is a grimicing effect on small businesses, they are the ones feeling the pinch more than anyone else. As was asked today by a friend? When will this change for small business owners? This we don't know as yet, but we remain hopeful in the face of change.
Well, but having paid your NIS, it means that you will be eligible for any considerations given by the government in a situation like this. This we call "Benefits". We are not entitled to unemployment benefit, but we can certainly benefit having paid up or just dues.
Your rate payable to the scheme, at least here in Barbados, and maybe in other related regions of the Caribbean should be 17.1% of your income on a quarterly basis, which means that you could actually save for three (3) months and then go and make your contribution to the scheme. Easy? I think so. Something definitely to be considered by all small business entities.
So Self-Employed? Paying NIS? Oh, a definite YES indeed!!!