Here at Ben Accounting Firm, we're thrilled to share some fantastic news for all our self-employed clients!
Double Tax Relief!
Not only has the main rate of Class 4 National Insurance (NI) contributions been slashed from 9% to 6%, effective April 6th, 2024, but Class 2 self-employed NI contributions have been eliminated entirely!
What this means for you:
More Money in Your Pocket! You'll keep an even bigger chunk of your hard-earned income, freeing up cash for business growth, personal savings, or simply a boost to your take-home pay.
Simpler Tax System: Phew! These reductions streamline the tax process for the self-employed, saving you valuable time and frustration.
Continued Benefits: Don't worry, you'll still have access to contributory benefits, including the State Pension.
Who benefits?
This applies to most self-employed individuals who previously paid Class 2 and Class 4 NI contributions.
Remember, these tax cuts are just one of the recent government initiatives. We recommend reviewing your overall tax situation to maximize your savings.
At Ben Accounting Firm, we're here to help self-employed individuals navigate the tax landscape with confidence. Get in touch for a consultation!