🚨🚨 Major changes to how much tax you will pay come into force today. Find out if you'll save cash every month ⬇️
Lower-paid workers are in for a boost and could be £300 better off from Wednesday - while others will have to fork out more as the cost of living bites.to show just how much more of your wage you can keep now the National Insurance threshold has been raised.
He announced the move in a bid to lessen the impact of the decision to raise income tax contributions by 1.25 percentage points - which is a rise of about 10% - amidst the cost of living crisis.The threshold hike means some Brits will pay less NI - a move brought in to help people cope with soaring costs.
It means generally workers won’t pay national insurance or income tax if they earn below £12,570 a year.You can visit the National Insurance calculator here.While those with an annual salary of £25,000 could save £244, and those on £30,000 will keep a further £197 of their wages.Meanwhile, higher-earning taxpayers on a £60,000 salary are expected to pay £84 more.The Treasury stated that the tool will “help people budget” during the cost of living crisis.