Self employed and Budget March2017

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If you are, or become self employed from April 2018 your class 4 band of National Insurance will increase from 9% to 10% and increase further in April 2019 a further 1% to 11%. On a scale of average wages this will increase the amount you pay HMRC by £240 per annum. This is payable by self employed persons after earnings of £8060 up to £43,000.

To offset this measure HMRC have announced the removal of class 2 National Insurance for anyone earning less than £16,250. However, remember that National insurance counts towards your eventual retirement!

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