SELF EMPLOYED
PENSION POLICY 

Would be a work in progress to end complexities

SELF EMPLOYED AND NATIONAL INSURANCE 

  • Class 4 National Insurance credits for profits below £15,230.
  • Class 4 National Insurance contributions of 5.85 per cent on profits between £15,230 and £71,270.
     
  • Class 4 National Insurance contributions of 10 per cent on profits over £71,271.

Background April 2024 current Class 4 NIC rates
  • Class 4 - 6% on profits between £12,570 and £50,270
  • 2% on profits over £50,270

  • It is up to our party's tax accountant consultants, to simplify company tax system so are real world tax bills each year for self-employed. 

 
Background 

     
          • There are 3mn self-employed workers earning over £10,000 annually.

          • the share of self-employed workers saving into a (private) pension has plummeted from 48 per cent in 1998 to 16 per cent in 2018.

          • While only 1 per cent of low earners are saving enough to achieve a decent minimum living standard in retirement. (With private pensions). 

Petition helps even better off pensioners by a demand for a full living state pension rate for all pensioners.

  • approximately 167,000 higher or additional-rate self-employed workers were not saving into pensions
  • 61 per cent of self-employed higher-rate taxpayers were not contributing to a pension in 2022/23.
  • 48 per cent of self-employed additional-rate taxpayers were also not contributing to a pension.
... "according to freedom of information data obtained as part of Fidelity International’s ‘No Boss, No Pension’ campaign.
It found "...

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