National insurance thresholds are increasing

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Class 2 and Class 4 National insurance

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Employer National Insurance

• Class 2 NI threshold is increasing from £6,475 to £6,515
• Class 4 NI threshold is increasing from £9,500 to £9,568
• The 40% higher-rate NI threshold is increasing from £50,000 to £50,270

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Chancellor Rishi Sunak’s 2021 Budget really focused on how the government could support small business owners and self-employed people. Sunak confirmed that a number of existing schemes (e.g. furlough) would be extended and also announced a number of new support measures and grants.  

Find out more about the changes affecting self-employed people and small business owners by reading AXA’s summary of the 2021 Budget here.