A tax cut this week will see your pay packet increase
A tax cut in National Insurance is coming into effect this week which will mean millions of people have more take-home pay than they did before.
That change, an effective 'tax cut', means you earn more money before you start paying tax on it, so even though the amount in terms of a percentage you're losing on your taxed money is higher than it was before April, the amount you get tax-free has increased slightly from July.The change will take effect from July 6. The National Insurance threshold will increase by £3,000. It means that you start paying NI at £12,570, not £9,880.
Money saving superstar Martin Lewis tweeted: “How much will you take home in July, after the National Insurance threshold rises - use this calculator to find out... https://moneysavingexpert.com/tax-calculator/.
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