An estimated 27 million workers will receive a National Insurance (NI) cut when the 2024/25 tax year starts this weekend, which could help boost household budgets during the ongoing cost of living crisis.
An estimated 27 million workers will receive a National Insurance (NI) cut when the 2024/25 tax year starts this weekend, which could help boost household budgets during the ongoing cost of living crisis . The main rate of employee National Insurance will be cut from 10 per cent to 8 per cent from April 6.
Combined with a similar cut previously announced in the Autumn Statement - that came into effect at the start of January - the UK Government said the average worker earning £35,400 can expect to save more than £900 in NI deductions. The further cut was announced by Chancellor Jeremy Hunt during the Spring Budget in March and will also benefit the self-employed, as NI contributions on profits over £12,570 will be reduced to 6 per cent from April 6. When combined with the abolition of the requirement to pay Class 2, this is expected to save a self-employed worker earning £28,000 about £650 a yea
National Insurance Tax Year Cost Of Living Crisis Employee Self-Employed Chancellor Jeremy Hunt Spring Budget
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