2024 National Insurance Cuts - How Much Will You Save?

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February 28th 2024
Tax Week 47
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2024 National Insurance Cuts - How Much Will You Save?

Use our quick calculator to see how much you save in taxes after the 2024 National Insurance Cuts.

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 two percent cut in National Insurance Contributions starting from January 6th 2024. The main rate of Class 1 NIC's will fall from 12 percent to 10 percent.
  • The Self Employed will have to wait until April 6th 2024 and the start of the new tax year to see their one percent cut to Class 4 NIC's (from 9 percent to 8 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.
2024 National Insurance Cuts
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