National Insurance changes from April 2024 | Moorepay

Payroll Legislation

National Insurance changes from April 2024

Legislation

National Insurance changes from April 2024

Date

Effective 6 April 2024

Summary

In the weeks leading up to the budget, there were indications that changes would be made to national insurance, and the chancellor’s party have made it clear they want to go into an election being able to show they’ve made substantial cuts to workers.

In the Autumn Statement, we saw a reduction in employees NI of 2p, and the same again in the budget in a reduction from 10% down to 8%, giving a total of a 4p reduction in just a 4 month period. As of April, employees now have an extra 4p retained for every £1 they earn, which they otherwise wouldn’t have had before the Christmas period. This is going to have a significant impact on their gross pay in their payslip.

The reduction from 10% to 8% came into effect on the 6th April 2024.

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Payroll Legislation Guide

Do you know the dates of all the complex payroll legislation changes? Are you aware of what you need to do to ensure your business is compliant? Many UK businesses aren’t aware…