increases the secondary Class 1 NICs rate from 13.8% to 15%;
reduces the Class 1 NICs secondary threshold from £175 to £96 a week (and monthly and yearly prescribed equivalent thresholds);
increases the maximum amount of the employment allowance from £5 000 to £10 500; and
removes the employment allowance restriction where employers who had incurred a secondary Class 1 NICs liability of more than £100 000 in the preceding tax year were unable to claim.
The changes have effect from 6 April 2025.
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increases the secondary Class 1 NICs rate from 13.8% to 15%;
reduces the Class 1 NICs secondary threshold from £175 to £96 a week (and monthly and yearly prescribed equivalent thresholds);
increases the maximum amount of the employment allowance from £5 000 to £10 500; and
removes the employment allowance restriction where employers who had incurred a secondary Class 1 NICs liability of more than £100 000 in the preceding tax year were unable to claim.
The changes have effect from 6 April 2025.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
