Exciting Spring Budget News…
From 6th April 2024 the main rate of employees Class 1 National Insurance contributions (NIC’s) will be reduced by 2%.
The changes will see primary Class 1 NIC’s drop by two percentage points from 10% to 8%. This follows an earlier NIC’s reduction that was announced in the Autumn Statement where primary Class 1 NIC’s reduced from 12% to 10% in January 2024.
The government believes that the changes will make a fairer tax system and incentivise work. It is estimated that this new reduction in NIC’s will affect 29 million workers in the UK.
