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In his Spring Budget speech on March 8th the UK Chancellor of the Exchequer, Phillip Hammond, whilst cracking jokes, announced that the self employed had an unfair advantage over employees because they paid less national insurance than employees. And so, now the pensions regime had changed and the self employed would benefit from higher pensions it was time to make it fair. Self employed national insurance would increase by 1% from April 2018 and a further additional 1% from April 2019. Since the budget announcements, he has now retracted this statement.
So where do you stand as a self employed person?