PTP TR - Incorrect calculation of Class 4 NIC for the 2023-24 tax year

Article ID

kba-03837

Article Name

Created Date

9th May 2023

Product

Problem

The calculation of Class 4 NIC for the 2023-24 tax year if profits exceed the Upper Profits Limit of £50270

Resolution

If profits exceed the Upper Profits Limit of £50270 for the 2023-24 tax year, an incorrect rate of 2.73% is being applied instead of the correct rate of 2%. The rates for 2022-23 are correct. This will be corrected in a future release. Please accept our apologies for any inconvenience caused.

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