Class 2 nic for the self-employed abolished from April 2024
Self-employed workers with annual profits over £12,570 currently pay a fixed rate Class 2 NIC charge of £3.45 per week (£179 pa), but the Chancellor announced earlier that Class 2 NIC will be abolished completely next tax year, delivering a useful tax cut to those operating their business as a sole trader, partnership or LLP, without affecting their entitlement to state pension/benefits.
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