The rate from 6 April 2023 to 5 April 2024 on expenses and benefits is 13.8%. They must also pay Class 1A on some other lump sum payments, for example redundancy payments . HMRC has detailed For 2022 to 2023, the National Insurance contributions rates for directors are different. Read CA44 to find out more about rates for directors. 3. Class 2 and Class 4 National Insurance (self National Insurance contributions Income taxes Share This observation summarises some of the key facts about how National Insurance contributions (NICs) work and who will be paying more in NICs from April 6th 2022. 1. Who pays NICs? TAX NEWS Spring Statement: NIC measures welcome but not as simple as the Chancellor made it sound Article Published: 23 Mar 2022 Back to top National insurance contributions thresholds will rise for employees and the self-employed, together with the employment allowance for small employers. Class 2 NIC will include a zero-rate band. The Health and Social Care Levy Act 2021 introduced a temporary 1.25 percentage point increase to Class 1, Class 1A, and Class 1B NIC rates for 2022/23. This was a transitional measure before the separate Health and Social Care Levy was to take effect next year. What you should know about 2022-23 rates. There were a lot of National Insurance changes in 2022-23. In April 2022, Class 1 rates went up by 1.25 percentage points to 13.25% on earnings between £9,880 and £50,270, and 3.25% on earnings over £50,270. The National Insurance threshold rose on 6 July 2022, from £9,880 to £12,570. Hourly rate; Aged 23 and above (national living wage rate) £9.50: Aged 21 to 22 inclusive: £9.18: Aged 18 to 20 inclusive: £6.83: Aged under 18 (but above compulsory school leaving age) £4.81 Tax rate. 2022/23. Tax rate. 2023/24. Tax rate. Up to £37,700. 7.5%. Up to £37,700. 8.75%. Up to £37,700. 8.75%. £37,701 - £150,000. 32.5%. £37,701 - £150,000. 33.75%. £37,701 - £125,140. 33.75%. Over £150,000. 38.1%. Over £150,000. 39.35%. Over £125,140. 39.35% For 2022/23 the point at which the self-employed person starts to pay Class 2 NICs will increase to £11,908. This means those with profits between the Small Profits Threshold and the Lower Profits Limit will not pay Class 2 NICs, but will still be able to access entitlement to contributory benefits. National Insurance rates and thresholds for 2022-23 confirmed. 03 November 2021. HMRC has confirmed the 2022-23 National Insurance (NI) rates in an email to software developers. The tables below show the earnings thresholds and the contribution rates. Earnings Thresholds mmyXqhg.