Our last National insurance blog listed the expected national insurance contribution rates for 2024; however, from what has recently been changed in the Chancellor’s Spring Budget for 2024 As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed.
 

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.

If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only applies in certain countries.
 

If you decide to become self employed, it is vital that you register with HMRC by 5th October following the end of the tax year in which you became self employed.  If you do not follow this process, you may be liable to a penalty based on the tax that is due to HMRC.