All our calculators are now updated for the 2024 tax year - use our Tax Calculator to see an accurate difference between the current 2024 tax year and last year, based on multiple factors such as tax, NIC, pensions, student loans, BIK and more.
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The Chancellor has just announced two big cuts to National Insurance for both the Self Employed and Employees. We have created the simple calculator below to show you how much you will save after the following cuts come into law next year:
- Employees being paid via PAYE will see a four percent cut in National Insurance Contributions starting from April 6th 2024. The main rate of Class 1 NIC's will fall from 12 percent to 8 percent.
- The Self Employed will see Class 4 NIC's drop from 9 percent to 6 percent. They will also no longer have to pay weekly Class 2 NIC's of £3.45 if they earn over the £12,570 lower profits limit.
