A: It would be very difficult for the Government to change NIC rates for the self-employed part way through a year. The proposed reduction in Class 4 NIC for the self-employed from 9% to 8% will apply from 6 April 2024 (2024/25 tax year).
On the same date (6 April 2024) the requirement for self-employed workers to pay Class 2 NIC will be abolished. So self-employed workers will only pay Class 4 NIC on profits from tax year 2024/25 onwards.
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.
About Markel Tax
Markel Tax offers expert advice on UK tax and VAT via its helpline and provides monthly FAQs with questions and answers on common tax issues for businesses and practitioners.
