Class 2 & 4 NIC thresholds also increased to £12,570 from April 2022

March 6, 2022|In KRW Tax news|By Keith Witchell

For self-employed taxpayers, Class 4 NIC applies to all profits over the lower profits limit, and this limit will also increase from the planned £9,880 per annum to £12,570 per annum from July 2022, while the threshold for paying Class 2 NICs will also increase to £12,570 from April 2022.  However, the 1.25% increase in Class 4 NIC will still go ahead as planned next month.

For further advice on this matter, please contact me.

Keith Witchell