The threshold will rise from £9,880 to £12,570, so less of your salary will be subject to NI.” Speaking to The Times, Sarah Coles, analyst at Hargreaves Lansdown said: “July’s national insurance change is effectively a tax cut. On April 6, national insurance contributions rose from 12% to 13.25% but as the threshold increases people could see an extra £330 on average on their payslips. Those who are self-employed are required to pay more than £6,725 a year in profit, reported The Times READ MORE: Martin Lewis shares money-saving tip as anyone of a certain age could be due up to £3,300Ĭurrently, workers are required to pay national insurance if they earn either over £823 per month. However, the site states that there can be many variables and that self-employment rates are different. On the financial whizz’s website, people can enter their gross wage per year in order to calculate the take-home pay. For those keen to find out if they’ll be benefiting from the change, Money Saving Expert Martin Lewis is on hand with an income tax calculator to see how much you’ll make each month. National insurance bills increased in April and saw people paying more an extra 1.25 percent and earning less.īut now the bill will go down which will see those on lower incomes making savings and those who earn more taking home less. In July 2022, workers will see their take-home-pay increase when the changes come into effect. ![]() ![]() Changes are coming to the threshold for paying national insurance this year which will affect what people earn after tax.
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