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January 2024 | Changes to NICs take effect from January 6
A friendly reminder that the reduction in Class 1 National Insurance Contributions (NICs) comes into place on January 6, 2024. Starting from this date, the rate for Class 1 NICs, the primary contribution for employees via PAYE, will decrease from 12% to 10%.
This adjustment was part of a broader set of measures unveiled by Chancellor Jeremy Hunt during the November Autumn Statement. The measures contained reductions in various NICs, including a decrease in Class 4 NICs for self-employed individuals from 9% to 8% effective April 6, 2024. Additionally, the obligation to pay Class 2 NICs will be eliminated from the same date. The Government assures the maintenance of contributory benefits, such as the State Pension.
Class 2 NICs can still be paid voluntarily
There is one group of people who pay Class 2 NICs on earnings below £6,725 so they can access the contributory benefits, and these people will still be able to make these payments voluntarily.
The Government claims these combined measures will cut tax for around 29m people in the 2024/25 tax year, giving the average employee on £35,400 more than £450 extra in their pocket, and saving the average self-employed person on £28,200 an extra £350. But the impact on individual taxpayers will vary, and this doesn't take into account any other measures that affect how much tax each of us pays, such as 'fiscal drag' where tax thresholds fail to rise significantly and result in higher tax payments as wages increase.
Allow us to assist you
If you wish to understand the personal implications of these changes, please reach out to us. We are more than willing to provide the support and guidance you require. You can contact us at 01709 327 215 or via email at info@branagans.co.uk.
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