Tax Year 2024-25 Update to National Insurance Rates

On 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget announcements. The Government has announced changes to National Insurance contributions (NICs) rates for the 2024-25 tax year. There is a further cut to the main rate of employee National Insurance of 2%.

The FastTrack360 statutory parameters will be updated on Wednesday 13th March 2024. Please follow the procedure below to update your parameters:

Step	Description

Step

Description

1

Go to Payroll > Maintenance > Statutory Parameters

Click Import New Financial Year Tax Data. This will create a row in the screen for the new tax year. This may already exist if you have already downloaded for the new tax year. The system will notify you that there are no new tax periods available

2

Then click Download Latest Tax Updates against the new tax year row to apply the statutory parameter rates.