12 AUTUMN STATEMENT ● 22 November 2023 NATIONAL INSURANCE CONTRIBUTIONS 2024/25 Class 1 Employee – Primary Employer – Secondary NICs rate 10%1 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees2 on the first £242 pw £967 pw NICs rate charged up to £967 pw No limit 2% NICs on earnings over £967 pw N/A 1. Applies from 6 January 2024. 12% between 6 April 2023 and 5 January 2024. 2. No employer NICs on the first £967 pw for employees generally under 21 years, apprentices under 25 years and veterans in first 12 months of civilian employment. No employer NICs on the first £481 pw for employees at freeports and investment zones in Great Britain in the first three years of employment. Employment allowance Per business £5,000 Not available if the sole employee is a director or if employer’s NICs for 2023/24 are £100,000 or more. Limits and thresholds Weekly Monthly Annual Lower earnings limit £123 £533 £6,396 Primary threshold £242 £1,048 £12,570 Secondary threshold £175 £758 £9,100 Upper earnings limit (and upper secondary thresholds for younger/veteran employees and apprentices under 25) £967 £4,189 £50,270 Class 1A Employers On car and fuel benefits and most other taxable benefits provided to employees and directors 13.8% Class 2 Self-employed Flat rate (voluntary) £3.45 pw £179.40 pa Small profits threshold £6,725 pa Lower profits limit £12,570 pa Class 4 Self-employed On annual profits of £12,570–£50,270 8% Over £50,270 2% Voluntary Class 3 flat rate £17.45 pw £907.40 pa
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