{"id":2546,"date":"2022-03-31T04:00:00","date_gmt":"2022-03-31T04:00:00","guid":{"rendered":"im-23424"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T00:00:00","slug":"self-employed-nic-changes","status":"publish","type":"post","link":"https:\/\/ep-accountants.co.uk\/self-employed-nic-changes\/","title":{"rendered":"Self-employed NIC changes"},"content":{"rendered":"<p>In the recent Spring Statement, a significant increase in the National Insurance Threshold from &pound;9,880 to &pound;12,570 was announced. This increase will see the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs with the personal allowance of &pound;12,570. This change is effective from 6 July 2022.<\/p>\n<p>The changes will come into effect from 6 July to&nbsp;allow payroll software developers and employers to update their software.<\/p>\n<p>The self-employed pay NICs on an annual basis&nbsp;and at the end of the tax year&nbsp;means that the NIC threshold for Class 4 NICs will rise to &pound;11,908&nbsp;in 2022-23 before being fully in sync with the personal allowance of &pound;12,570 2023-24. The &pound;11,908 figure is calculated using&nbsp;13 weeks of the NIC threshold allowance at &pound;9,880 and 39 weeks of the threshold at &pound;12,570. It has also been confirmed that the NIC and Income Tax thresholds will remain aligned going forward.<\/p>\n<p>Further, for 2022-23, the point at which the self-employed start paying Class 2 NICs will increase to &pound;11,908. This means that those with profits between the Small Profits Threshold (&pound;6,725) and the LPL (&pound;11,908) will not need to pay Class 2 NICs from April 2022&nbsp;but will still be able to access entitlement to contributory benefits.<\/p>\n<div style='font-size:smaller' class='im_source'>Source: HM Revenue &#038; Customs   Tue, 29 Mar 2022 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the recent Spring Statement, a significant increase in the National Insurance Threshold from \u00a39,880 to \u00a312,570 was announced. This increase will see the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for<\/p>\n","protected":false},"author":1,"featured_media":2547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[31],"tags":[],"_links":{"self":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/2546"}],"collection":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/comments?post=2546"}],"version-history":[{"count":0,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/2546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media\/2547"}],"wp:attachment":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media?parent=2546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/categories?post=2546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/tags?post=2546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}