{"id":6514,"date":"2024-04-02T11:17:34","date_gmt":"2024-04-02T10:17:34","guid":{"rendered":"https:\/\/cloud9accountingteam.co.uk\/?p=6514"},"modified":"2024-04-02T11:21:54","modified_gmt":"2024-04-02T10:21:54","slug":"nic-cuts-and-what-they-mean-for-you","status":"publish","type":"post","link":"https:\/\/cloud9accountingteam.co.uk\/sk\/nic-cuts-and-what-they-mean-for-you\/","title":{"rendered":"NIC Cuts and What They Mean For You"},"content":{"rendered":"<p>As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National Insurance contributions. We explain what employees and the self-employed will now pay in 2024\/25.<\/p>\n<p><strong>Employees<\/strong><\/p>\n<p>The main rate of primary Class 1 National Insurance contributions, which are payable by employed earners on earnings between the primary threshold and the upper earnings limit, fell from 12% to 10% with effect from 6 January 2024. The rate was due to remain at 10% for 2024\/25 but has now been reduced by a further 2% to 8%. This latest cut will save employees up to \u00a3754 in Class 1 National Insurance contributions in 2024\/25<\/p>\n<p>As a result of the latest cut, employees will now pay primary Class 1 contributions at a rate of 8% on earnings between the primary threshold, set at \u00a3242 per week (\u00a31,048 per month; \u00a312,570 per year), and the upper earnings limit, set at \u00a3967 per week (\u00a34,189 per month; \u00a350,270 per year) and at a rate of 2% on earnings in excess of the upper earnings limit.<\/p>\n<p>Employed earners whose earnings are between the lower earnings limit of \u00a3123 per week (\u00a3533 per month; \u00a36,396 per year) and the primary threshold are treated as paying notional contributions at a zero rate which gives them a qualifying year for state pension purposes.<\/p>\n<p><strong>Employers<\/strong><\/p>\n<p>Employers did not benefit from a rate cut and the secondary rate remains at 13.8% for 2024\/25.<\/p>\n<p><strong>Self-employed<\/strong><\/p>\n<p>At the time of the 2023 Autumn Statement, the Chancellor announced that the main rate of Class 4 National Insurance contributions would fall by 1%, from 9% to 8%, with effect from 6 April 2024. A further 2% cut was announced in the Spring Budget, reducing the main rate to 6%.<\/p>\n<p>As a result, for 2024\/25, self-employed earners will pay Class 4 National Insurance contributions at 6% on profits between \u00a312,570 and \u00a350,270 and at 2% on profits in excess of \u00a350,270. Self-employed earners with profits between the small profits threshold, set at \u00a36,725, and the lower profits limit of \u00a312,570 are awarded a National Insurance credit to provide them with a qualifying year for state pension purposes.<\/p>\n<p>Class 2 contributions have been abolished for 2024\/25 onwards. However, self-employed earners with earnings below \u00a36,725 can make voluntary contributions at the 2023\/24 rate of \u00a33.45 per week to preserve their state pension entitlement.<\/p>\n<p><strong>Partner note:<\/strong> National Insurance Contributions (Reduction in Rates) (No. 2) Bill<\/p>\n<h5>&gt;<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/svg\/2602.svg\" alt=\"\u2602\ufe0f\" \/><strong>For Help<\/strong>\u00a0with Topic above or any Accountancy help \u2013 contact us:\u00a0<a href=\"https:\/\/cloud9accountingteam.co.uk\/sk\/contact\/\" target=\"_blank\" rel=\"noopener\">Cloud 9 Accounting Team\u00a0<\/a><\/h5>\n<h5>&gt;<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/svg\/2602.svg\" alt=\"\u2602\ufe0f\" \/><strong>For<\/strong>\u00a0<strong>Answer on your Question \u2013\u00a0<\/strong>submit your question and we respond asap:\u00a0<a href=\"https:\/\/martinasujova-8e23e.gr8.com\/\" target=\"_blank\" rel=\"noopener\">One Off\u00a0 Question<\/a><\/h5>\n<h5>&gt;<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/svg\/2602.svg\" alt=\"\u2602\ufe0f\" \/><strong>For Leads, Tax articles Copywriting \u2013<\/strong>\u00a0those who do not need accountant but need some leads, tax articles for their website\/marketing \u2013 join here and get your unique tax content (copy and paste, ask for sample today):\u00a0<a href=\"https:\/\/cloud9clubsub.gr8.com\/\" target=\"_blank\" rel=\"noopener\">Cloud 9 Club\u00a0<\/a><\/h5>\n<h5>&gt;<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/svg\/2602.svg\" alt=\"\u2602\ufe0f\" \/><strong>For Self Employed<\/strong>\u00a0who don\u2019t have accountant \u2013 get regular advice:\u00a0<a href=\"https:\/\/cloud9clubsub.gr8.com\/\" target=\"_blank\" rel=\"noopener\">Cloud 9 Club<\/a><\/h5>","protected":false},"excerpt":{"rendered":"<p>As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National Insurance contributions. We explain what employees and the self-employed will now pay in 2024\/25. Employees The main rate of primary Class 1 National Insurance contributions, which are payable by employed [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_templately_pack_id":"","_templately_imported_at":"","_templately_source":"","_templately_import_session_id":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NIC Cuts and What They Mean For You -<\/title>\n<meta name=\"description\" content=\"As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud9accountingteam.co.uk\/sk\/nic-cuts-and-what-they-mean-for-you\/\" 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