{"id":21456,"date":"2024-01-24T10:19:52","date_gmt":"2024-01-24T10:19:52","guid":{"rendered":"https:\/\/www.langricks.com\/?page_id=21456"},"modified":"2024-01-24T10:57:13","modified_gmt":"2024-01-24T10:57:13","slug":"national-insurance-changes-2024","status":"publish","type":"page","link":"https:\/\/dev.withcreative.co.uk\/langricks\/national-insurance-changes-2024\/","title":{"rendered":"National Insurance Changes – What you need to know"},"content":{"rendered":"

Recent Changes in National Insurance: What You Need to Know<\/b><\/h2>\n

As the longest month until payday approaches many of us may see a subtle increase in our Net (take home) Pay – what a nice treat. For those paid weekly you may have already seen this increase. <\/span>This is due to the change in National Insurance (NI) rates<\/a> announced by the Chancellor in the Autumn Statement<\/a> (November 2023). <\/span><\/p>\n

These changes are effective from 6th January 2024. <\/span>Let’s take a closer look at what these adjustments mean and what you need to know\u2026<\/span><\/p>\n

Changes in Class 1 National Insurance Contributions:<\/b><\/h4>\n

One of the biggest changes\u00a0 is a 2% reduction from 12% to 10 % in the rate of Class 1 NI contributions we pay as employees.<\/span><\/p>\n

Those that will benefit from the reduction are those earning above the Primary Threshold, the threshold where you begin to pay Class 1 NI.<\/span><\/p>\n

Primary Threshold for 2023-2024<\/b><\/h5>\n

Employees paid:<\/span><\/p>\n

Weekly<\/span> \u00a3242<\/span><\/p>\n

Monthly<\/span> \u00a31,048<\/span><\/p>\n

No Changes for Higher Rate Contributors:<\/b><\/h4>\n

There is no change to those paying the higher rate of NI, where the rate will stay at 2% on earnings above the Upper Earnings Limit of \u00a3967 per week or \u00a34,189 per month.<\/span><\/p>\n

Employers National Insurance:<\/b><\/h4>\n

There are no changes to the rate of Employer\u2019s NI, this will remain at 13.8% for earning above \u00a3175 per week or \u00a3758 per month.<\/span><\/p>\n

Changes for the Self-Employed from 6th April 2024:<\/b><\/h4>\n

For the self-employed, these modifications will not take effect until the new tax year starting on 6th April 2024 and only two significant adjustments have been announced.<\/span><\/p>\n

    \n
  1. \n
    Class 4 National Insurance Contributions:<\/b><\/h5>\n

     <\/p>\n

    Self-employed individuals earning above \u00a312,570 per year will experience a 1% reduction in Class 4 NI contributions, dropping from 9% to 8%.This reduction applies to earnings between \u00a312,570 and \u00a350,270, while the higher rate of 2% on earnings above \u00a350,270 remains unchanged<\/span><\/p>\n

     <\/li>\n

  2. \n
    Removal of Class 2 National Insurance Contributions:
    \n<\/b><\/h5>\n

    Perhaps the most noteworthy change is the elimination of Class 2 NI contributions for the self-employed. Currently set at a flat rate of \u00a33.45 per week for those earning above \u00a312,570 per year, this charge will be abolished from 6th April 2024.<\/p>\n

    So, while this means continued access to contributory benefits for those earning above \u00a312,570, self-employed individuals earning below \u00a36,725 per year will need to continue paying voluntary Class 2 NI contributions of \u00a33.45 per week to qualify for these benefits.<\/li>\n<\/ol>\n

    These shifts in NI rates will hopefully bring a welcome relief for many employees and the self-employed.\u00a0<\/span><\/p>\n

    If you require further information or need support with your payroll don’t hesitate to get in touch<\/a>.<\/span><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Recent Changes in National Insurance: What You Need to Know As the longest month until payday approaches many of us may see a subtle increase in our Net (take home) Pay – what a nice treat. For those paid weekly you may have already seen this increase. This is due to the change in National […]<\/p>\n","protected":false},"author":6,"featured_media":8568,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[54,55,56],"class_list":["post-21456","page","type-page","status-publish","has-post-thumbnail","hentry","category-blog-articles","tag-ni","tag-national-insurance","tag-tax"],"yoast_head":"\nNational Insurance Changes - what you need to know<\/title>\n<meta name=\"description\" content=\"January 2024 payslips will see a subtle increase this month.\u00a0This is due to the change in National Insurance rates effective from 6 Jan 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/langricks\/national-insurance-changes-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta 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