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Chartered Certified Accountants
and Business Advisors

01530 267320

Government U-Turn on National Insurance Increase for Self-Employed

We recently sent you our Budget Summary detailing the announcements made on Budget Day 8 March 2017.

One of the significant announcements Chancellor Philip Hammond made on Budget Day 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.

The Chancellor has announced that the government will not now proceed with the proposed increase in Class 4 NICs rates. Self-employed individuals currently pay Class 2 and Class 4 NICs. Class 2 NICs are to be abolished from April 2018.

If you need help or advice regarding National Insurance Contributions, please contact the Sence Team on 01530 267 320 or email info@senceaccounting.co.uk.

16 Mar 2017

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