From 6th January 2024, the main rate of National Insurance for employees was cut from 12% to 10% on earnings between £12,570 and £50,270. For any income over £50,270 a year the NI will remain at 2%.

For the average employee on a salary of £35,400, the reduction is worth £450 a year. There has been no change to the employer's rate of National Insurance. 

For those who are self-employed, you currently pay Class 2 National Insurance contributions at £3.45 a week if your profits are £12,570 or more. This is changing from 6th April 2024. Those with profits above £12,570 won't be required to pay Class 2 NI (but will still have access to contributory benefits like the state pension). If you make voluntary contributions, you can carry on doing so at £3.45 a week. 

At the moment Class 4 National Insurance Contributions for self-employed individuals are at 9% on earnings between £12,570 and £50,270, and 2% on profits above £50,270. This main rate is being cut to 8% from 6 April 2024.