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Accountants Chester Navigate National Insurance Contributions for the Self-Employed. As a self-employed professional in Chester, understanding National Insurance Contributions (NICs) is crucial for accurate tax calculations and avoiding future surprises. Let's break down the nuances of Class 4 NICs: Accountants Chester Discuss When Class 4 NIC's Apply: If your annual profits as a self-employed individual exceed £12,570, you'll likely need to pay Class 4 NICs. This ensures you remain entitled to certain state benefits. Accountants Chester Highlight the Class 4 NIC Rates for 2024-25: The current tax year (2024-25) has slightly adjusted Class 4 NIC rates: 6% on your chargeable profits between £12,570 and £50,270. 2% on any profits exceeding £50,270. Accountants Chester Decipher the Important Exemptions: Certain individuals might be exempt from paying Class 4 NICs: Those under 16 years of age at the start of the tax year. Individuals who have already reached the State pension age at the start of the tax year. (Note: Partial-year exemptions may apply.) Trustees or guardians managing income for an incapacitated individual. Accountants Chester Rationalise the Difference... A Chester tax blog by Accountants Chester | Phillips & Co | Accountancy & Tax.