Friday's Fortnightly Tax Tip 

As of the 6th April 2024 the main rate of Employee National Insurance was cut by 2%. Employee’s that have income above the primary threshold will now pay National Insurance Contributions at 8%, up to the Upper Rate Threshold, which has remained at 2%. 
 
The main rate of Class 4 National Insurance contributions for the self-employed was reduced by 3% in the 2024-25 tax year. Profits that surpass £12,570 will now be subject to Class 4 National Insurance at 6%. Profits that surpass the Higher Rate Threshold of £50,270 will be subject to Class 4 NIC at 2%. 
More information can be found here
For more guidance call the team at Holmes Accountancy on 01908 315716 or contact us here. 
 
The tax tip is provided for general guidance only; further advice should be sought, for specific issues. 
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