by Mel Hackney

Have you noticed your employment income go up this month? This may well be because the National Insurance rates have fallen since 6 April 2024 – now at 8% from 10%.

Self-employed rates have also come down from 9% to 6%, although it will be much longer until the benefit of this is seen as won’t be reflected in your tax return until tax year 2024/25 (which is not due until 31 January 2026).

Even though these cuts might not have a significant impact on your income (particularly with a freeze in Income Tax levels), it could be a good time to consider whether this difference can be used in a tax efficient way, such as increasing pension contributions for the year.

Get in touch if we can help!