![]() The rate remains at 2% on profits over £50,270.įind out more about national insurance, including the latest cuts. Furthermore, a decrease in class 4 national insurance from 9% to 6% on all profits made between £12,570 and £50,270 will save them approximately £1,050 annually. There are still national insurance changes set to take effect that were announced in November from April, around two million self-employed people will benefit from class 2 national insurance being scrapped, which will save them £192 a year. The latest cut to national insurance will be worth an average of £450 a year. This represents annual savings worth a total of £900 for the average worker earning £35,400, according to the Treasury. ![]() This means that since 2023, the national insurance rate will have fallen from 12% to 8%. If you think you’re having déjà vu, you’re not wrong the chancellor made the same cut to national insurance as part of his autumn statement in November 2023, which began to take effect in January. This means that 27 million British workers will be paying just 8% of their earnings towards national insurance, rather than the current rate of 10%. Read more: National insurance cut 2024: The 2p tax change explained National insurance cut for the second time in a yearįrom April 6, the rate of national insurance will be cut by two percentage points.
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