National Insurance Cuts

 

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.