We work with all sorts of clients, from large corporations to small start-ups and families, providing a truly personal service to each and every one.


From academies and agriculture to travel and tourism, our clients come from all corners of business. Our team of experts provides experience and advice to businesses in a variety of sectors.

About us

Forrester Boyd is one of the largest independent chartered accountancy practices in Lincolnshire and the Humber region. Our focus on people, both clients and employees, is at the heart of our success.

Meet the team


Now based in six offices across Lincolnshire and the Humber region, our teams are perfectly placed to work closely with you. Please don't hesitate to get in touch.

NIC reforms for the self-employed, but do they go far enough?

  • 14th December 2023

National insurance contribution (NIC) changes for the self-employed announced in the Autumn Statement will come into effect from 6 April 2024 and will be welcome news. But the reforms don’t go far enough to offset the continuing cost of frozen tax thresholds.

NICs classes

The self-employed currently pay two classes of NICs:

  • Class 2 NICs are at a flat weekly rate, and it is these contributions that give entitlement to contributory benefits, such as the state pension (35 qualifying years being required to receive a full pension). Class 2 NICs are deemed to be paid if profits are between £6,725 and £12,570, and can be paid voluntarily if profits are lower.
  • Class 4 NICs are earnings-related. The main rate of 9% is paid on profits between £12,570 and £50,270, with an additional rate of 2% on profits over £50,270.

Class 2 voluntary only

From 6 April 2024, any self-employed person with profits of £6,725 or more will be entitled to contributory benefits without having to pay class 2 NICs – an annual saving of £179 for those who would otherwise have had to pay.

However, those with profits below £6,725, will still have to pay voluntarily if they wish to maintain access to contributory benefits.

Anyone with profits just below £6,725 might decide to forego claiming sufficient expenses to meet the income limit, although the overall tax impact of doing so must be considered.

Class 4 reduced

From the same date, the main rate of class 4 NICs will be reduced from 9% to 8%, representing a maximum annual saving of £377. The additional rate of 2% is unchanged.

There are also no changes to the thresholds of £12,570 and £50,270, although this will be beneficial for anyone with profits in excess of £50,270 – it means no increase to the amount of profits charged at the main rate rather than at the lower additional rate.

HMRC’s guide to voluntary national insurance can be found here.

All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.