National Insurance Contributions
National Insurance Contributions 2023/24 (Table D)
|Main NIC rate
|No NIC on first
|Main rate charged up to*
|2% rate on earnings above
|Employment allowance per qualifying business**
*Nil rate of employer NIC on earnings up to £967pw for employees aged under 21, apprentices aged under 25 and ex-armed forces personnel in their first twelve months of civilian employment.
Employer contributions (at 13.8%) are also due on most taxable benefits (Class 1A) and on tax paid on an employee’s behalf under a PAYE settlement agreement (Class 1B).
Class 2 (Self employed)
|Flat rate per week if profits above £12,570
If profits are less than £6,725, Class 2 must be paid voluntarily to maintain entitlement to full state benefits (including the state pension).
Class 3 (Voluntary)
|Flat rate per week
Class 4 (Self employed)
|On profits £12,570 – £50,270
|On profits over £50,270