A: In the government’s autumn statement, they announced the following changes to Class 2 Nic which will be implement in the 2024-2025 tax year and onwards.
- Self-employed workers with profits over £12,570 with be treated has having a qualify year for contributory benefits without having to pay Class 2 NIC.
- Workers making profits between £6,725 and £12,570, have since 2022/23 been given credits for Class 2 NIC without paying it, this will not change.
- Workers with profits under £6,725 can still choose to pay voluntary Class 2 NIC.
The government confirmed that the rate of voluntary Class 2 for 2024-25 will remain at the 2023-24 rate of £3.45 per week. What rates apply in future years is not yet known.
These publications from Markel Tax were correct at the time of going to press and should be considered as principles-based guidance only. To check current validity, call the Markel Tax helpline. ICAEW (as distributor) disclaims all liability for any errors or omissions.
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