When BookMachine asked for an opinion, I couldn’t not comment. Read the full article here, or grab the snippet below:
Outrage abounds in the wake of Philip Hammond’s 2017 Budget announcement on Wednesday. Amongst other controversial moves, National Insurance (NI) payments on the self-employed have been increased by 2%. But what effect will this raise have on the growing number of self-employed and freelance workers in the publishing industry?
Let’s start by looking at the cold, hard figures. The 2017 Budget has brought in a 2% rise in NI contributions for the UK’s self-employed workers. The self-employed normally pay one of two different kinds of NI: Class 2, if your profits are £5,965+ per year, and Class 4 if they are £8,060+ per year. Class 4 payments are divided into two categories: 9% on profits of £8,060-£43,000, and 2% on profits over £43,000.