FastTrack360 Version 12 Online Help
FastTrack UK 2023/2024 Mid Year National Insurance Rate Update
On the 22 November 2023, the UK government announced that the employee National Insurance Rate between the primary and upper earnings thresholds are changing with effect from 6 January 2024 from 12% to 10%. The rate changes that have been applied can be found at the bottom of this page and also in the Statutory Parameter page
The parameters will be available to download from 8 December 2023. To apply the parameter change, follow the steps below prior to your pay period which has a pay date on or after 6 January 2024:
Step | Description | Â |
---|---|---|
1 | Go to: Payroll > Maintenance > Statutory Parameters | Â |
2 | Against the row for tax year 06/04/2023 - 05/04/2024, click on Download Latest Tax Updates icon to retrieve the updated parameters. A confirmation message is displayed. | Â |
To check the parameters, these can be viewed via the Statutory Parameters - National Insurance (UK) report.
Step | Description | Â |
---|---|---|
1 | Go to: Reports menu item. | Â |
2 | Within the explorer folder list, go to: FT Standard Reports > Payroll > UK. | Â |
3 | Against Select the report Statutory Parameters - National Insurance (UK) report, click on the Action > View The report will open. | Â |
4 | In the Tax Year Start field, enter 2023. Select the required pay frequency and click Submit. The report will show a breakdown of the statutory parameters per effective date for that tax year for each National Insurance category. The report is sequenced by:
| Â |
NI Category Letter | Earnings below LEL | Earnings at or above LEL up to and including PT | Earnings above PT up to and including UEL | Balance of earnings above UEL | Earnings below LEL | Earnings above LEL up to and including ST | Earnings above ST up to and including FUST | Earnings above ST up to and including UST/AUST/VUST | Balance of earnings above UST/AUST/VUST |
---|---|---|---|---|---|---|---|---|---|
Class 1 Employee’s Contributions | Class 1 Employer’s Contributions | ||||||||
A | NIL | 0% | 10% | 2% | NIL | 0% | 13.8% | 13.8% | 13.8% |
B | NIL | 0% | 3.85% | 2% | NIL | 0% | 13.8% | 13.8% | 13.8% |
C | NIL | 0% | 0% | 0% | NIL | 0% | 13.8% | 13.8% | 13.8% |
F | NIL | 0% | 10% | 2% | NIL | 0% | 0% | 13.8% | 13.8% |
H | NIL | 0% | 10% | 2% | NIL | 0% | 0% | 0% | 13.8% |
I | NIL | 0% | 3.85% | 2% | NIL | 0% | 0% | 13.8% | 13.8% |
J | NIL | 0% | 2% | 2% | NIL | 0% | 13.8% | 13.8% | 13.8% |
L | NIL | 0% | 2% | 2% | NIL | 0% | 0% | 13.8% | 13.8% |
M | NIL | 0% | 10% | 2% | NIL | 0% | 0% | 0% | 13.8% |
S | NIL | 0% | 0% | 0% | NIL | 0% | 0% | 13.8% | 13.8% |
V | NIL | 0% | 10% | 2% | NIL | 0% | 0% | 0% | 13.8% |
Z | NIL | 0% | 2% | 2% | NIL | 0% | 0% | 0% | 13.8% |
Â
Classification-Public