The overall tax takes increased by £11.76bn between April and June 2025, soaring to £209.6bn in just three months.  Almost £5bn of this increase has come directly from employers’ NICs.

Income tax, capital gains tax and NICs have accounted for £120.5bn of the total tax take so far this year, £9.4bn higher than last year. From April this year employers’ NICs rose to 15% from 13.8% while the threshold was also reduced to £5,000 from £9,100 on the same day which is heavily impacting the amount paid by businesses.

The tax was targeted by Rachel Reeves in October 2024’s Budget as a way to clog with ‘£20bn black hole’ but is expected to rake in closer to £25bn this year.

Between May and June 2024 £17.586bn was paid in employers NICs at the lower rate of 13.8%. In the same period of 2025 businesses have paid out £21.6bn, with June alone falling just shy of £11bn.