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National Insurance to be reduced for the self employed from 6 April 2024

Sasha Owen
Financial News, Tax

The chancellor announced in the Autumn statement today that he is reducing National Insurance for the self-employed.

The self employed currently pay Class 2 and Class 4 national insurance above £12,570 initially. Class 2 is currently £3.45 a week and this will be abolished while the Class 4 rate will be reduced from 9% to 8% from April 2024 for 2024/25. It will mean an adjustment for the way state pension credit years are calculated for the self employed as these are currently linked to paying Class 2 national insurance

Despite these rate cuts, the thresholds at which people pay income tax and NI have been frozen since 2022 at £12,570  and are due to remain until April 2028

Actors, National Insurance, self assessment, self employed, Self employment, therapists

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Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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