Changes to Class 2 NIC thresholdsFor tax years 2022/23 and 2023/24, you needed to pay Class 2 NIC if your profits were above the Lower Profits Limit. For 2024/25 onwards, if your profits are above the Small Profits Threshold (£6,725) Class 2 contributions are treated as having been paid to protect your National Insurance record. This means you do not have to pay Class 2 contributions. When can I pay voluntary Class 2 NIC?If your profits are below the Small Profits Threshold (£6,725) then you can choose to pay voluntary contributions. Class 2 NIC rates at a glance
For further information please refer to https://www.gov.uk/self-employed-national-insurance-rates |
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