News

From 06 January 2024 Class 1 Employee NIC has been reduced from 12% to 10%.

The Government’s cut to the mail rate of Class 1 employee National Insurance has come into effect from 06 January 2024. The Government has stated that the cuts will put ‘£450 back in the pocket of the average worker’.

There is no change to the National Insurance thresholds that determine the rate at which National Insurance is paid.

Employers and payroll providers should update their software accordingly.

In the 2023 Autumn Statement the Chancellor also announced that from 06 April 2024 Class 4 NICs for the Self Employed will reduce from 9% to 8%. Class 2 NICs will be abolished.

If you have any queries on the above information or on your payslip we can help. Get in touch on 01244 625500 or contactus@foremansllp.com.