Proposed increase in Class 4 NICs for self-employed individuals scrapped!
One of the significant announcements Chancellor Philip Hammond made on Budget Day on Wednesday 8th March was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals. The rate was to increase from 9% to 10% from April 2018 with a further increase planned from 10% to 11% from April 2019.
However the Chancellor has announced that the Government will not now proceed with the proposed increase in Class 4 NIC rates. The plan to abolish Class 2 NIC remains set from April 2018.
If you would like more information, or would like to discuss your tax affairs in general, please contact our Tax Partners Steve Crompton or Chris Barrington on the details below:
Partner - Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292505
mobile: 07730 436070