increase the main Class 1 secondary rate of NICs to 15% (up from 13.8%);
reduce the Class 1 secondary threshold to £96/week (down from £175/week) and set out the monthly and annual equivalent thresholds (£417 and £5 000 respectively); and
increase the amount of the employment allowance to £10 500 (up from £5 000) and remove the qualifying condition relating to the previous year’s secondary Class 1 liability.
These changes were announced at Autumn Budget 2024. HMRC have also recently issued an accompanying Tax Information and Impact Note explaining the changes and also briefly setting out some of the impacts for business.
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increase the main Class 1 secondary rate of NICs to 15% (up from 13.8%);
reduce the Class 1 secondary threshold to £96/week (down from £175/week) and set out the monthly and annual equivalent thresholds (£417 and £5 000 respectively); and
increase the amount of the employment allowance to £10 500 (up from £5 000) and remove the qualifying condition relating to the previous year’s secondary Class 1 liability.
These changes were announced at Autumn Budget 2024. HMRC have also recently issued an accompanying Tax Information and Impact Note explaining the changes and also briefly setting out some of the impacts for business.
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:
