National insurance

The new rates of NICs.

2020/21 Class 1 (employed) rates

Entitlement to contribution-based benefits for employees retained for earnings between £120 and £183 per week.

The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £962 per week.

Class 1A (employers)	On employee taxable benefits	13.8%
Class 1B (employers)	On PAYE Settlement Agreements	13.8%
Class 2 (self-employed)	Flat rate per week	£3.05
Class 2 (self-employed)	Small profits threshold	£6,475 per annum
Class 3 (voluntary)	Flat rate per week	£15.30
Class 4 (self-employed)	On profits between £9,500 - £50,000	9%
Class 4 (self-employed)	Excess over £50,000	2%

25 Apr 2024

Figures have shown that UK borrowing over the last financial year was £7.6 billion lower when compared to the year before.