For the tax year 2022-23, there is no NI payable on profits of up to £11,908. The national insurance rates for 2022-23 are affected with an increase of 1.25% levy (announced in Autumn budget 2021). You can download the ACCA budget guide for all applicable current rates and allowances.
The legislation to deal with the changes seeks to average their rates of NIC for the whole of 2022/23: it includes new NIC rates of 12.73% and 2.73% for payments to statutory directors for the whole of 2022/23 and 14.53% for employers.
NATIONAL INSURANCE CONTRIBUTIONS (NICs) Class 1 NICs: Employee and employer rates and thresholds (£ per week) Tax year 2019-20 Tax year 2020-21 Weekly Lower Earnings Limit (LEL) £118 £120 Weekly Primary Threshold (PT) £166 £183 Weekly Secondary Threshold (ST) £166 £169 Upper Earnings Limit (UEL) £962 £962
In 2022/23, prior to the introduction of the Health and Social Care Levy in the following tax year (to fund health and social care in England and part of the UK Government's ' Build Back Better ' initiative), NICs rates will increase by 1.25%. The following table shows the main rates in 2022/23 compared to those that apply in 2021/22:
20 December 2022. The Class 2 and 4 National Insurance rates have been updated for 2022 to 2023. 6 November 2022. The Class 1, 2 and 4 National Insurance rates have been updated for
This will see the NIC threshold increase from £9,880 to £12,570 from 6 July 2022 and result in the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs, with the personal allowance of £12,570.
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nic rates for 2022 23
