National Insurance sees a further reduction The main highlight of the budget was a further 2% reduction in Class 1 employee National Insurance from 10% to 8%, effective 6th April 2024. This follows the recent reduction, announced in […]
Headlines National insurance Although the current thresholds for income tax and national insurance remain frozen until 2028, the main rate of national insurance will fall from 12% to 10% from 6 January 2024. In addition, Class 2 National […]
Pension breaks for high earners The chancellor announced an increase in pension allowances for high earners, increasing the annual cap on tax-free pension contributions from £40,000 to £60,000. In addition to the annual increase, the tax-free lifetime allowance […]
Headlines Income tax and national insurance thresholds The current thresholds for income tax and national insurance will remain frozen for the next five years. This extends by two years the previous announcement made in the 2021 Budget and […]