NATIONAL INSURANCE CONTRIBUTIONS 2023/24
Class 1
| Employee – Primary | Employer – Secondary | |
| NICs rate | 12% | 13.8% |
| No NICs for employees generally on the first | £242 pw | £175 pw |
| No NICs for younger employees1 on the first | £242 pw | £967 pw |
| NICs rate charged up to | £967 pw | No limit |
| 2% NICs on earnings over | £967 pw | N/A |
1 No employer NICs on the first £967pw for employees generally under 21 years, apprentices under 25 years and veterans in first 12 months of civilian employment. No employer NICs on the first £481pw for employees at freeports in Great Britain in the first three years of employment starting from 6 April 2022.
Employment allowance
Per business £5,000
Not available if the sole employee is a director or employer’s NICs for 2022/23 are £100,000 or more.
Earnings limits and thresholds
| Limits and thresholds | Weekly | Monthly | Annual |
| Lower earnings limit | £123 | £533 | £6,396 |
| Primary threshold | £242 | £1,048 | £12,570 |
| Secondary threshold | £175 | £758 | £9,100 |
| Upper earnings limit (and upper secondary thresholds for younger/veteran employees and apprentices under 25) | £967 | £4,189 | £50,270 |
Class 1A Employer
On car and fuel benefits and most other taxable benefits provided
to employees and directors 13.8%
Class 2 Self-employed
| Flat rate | £3.45 pw | £179.40 pa |
| Small profits threshold | £6,725 pa | |
| Lower profits limit | £12,570 pa |
Class 4 Self-employed
| On annual profits of | £12,570 – £50,270 | 9% |
| Over £50,270 | 2% |
Voluntary
| Class 3 flat rate | £17.45 pw | £907.40 pa |
You can also read our highlights of Spring Budget 2023 Summary or download a free copy of ammu’s 2023-24 Tax Tables
Get in touch
If you would like to discuss your tax matters with our expert email Emily Wilson at info@ammu.uk or call 01292 388 031