Content Summary
🚀 Big News: The UK sees its "largest ever cut to national insurance" effective 6 January, impacting 27 million workers! 🇬🇧
🔍 What Changed?
Employees now pay only 10% on earnings between £242 and £967 a week.
Above £967/week, the rate remains at 2%.
The class 4 NIC rate drops from 9% to 8% for the self-employed, and class 2 NICs will be abolished starting April 2024.
🔎 Why It Matters
NICs are crucial for funding state benefits and pensions. These changes bring significant relief, especially during tough economic times.
💡 For Employers: Time to update your global payroll calculations! And a great moment to inform your employees about these positive changes.
🌍 Harness the power of our Global Payroll Calculator, incorporating the latest tax and legislative changes. Stay ahead with our calculator, ensuring compliance and efficiency in your global payroll planning processes.
📊 Infographic Alert: Check out our latest white-paper for a quick breakdown of how these changes could affect you or your business.
📢 With us, stay informed and updated on hot labour and tax law changes across 190 countries.
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