Yorkshire news More money in your pay packet from July date after tax cut PremierLeague-News.Com
PremierLeague-News.Com - Rishi Sunak changed the thresholds in order to help people in the cost of living crisis
PremierLeague-News.Com - Breaking Sport Transfer News ! From July 6 a change on the rate people pay National Insurance is coming into effect. This was announced by Chancellor Rishi Sunak at the Spring Statement in March in a bid to lessen the impact of the decision to raise contributions by 1.25% amidst the cost of living crisis. The original rise means workers now pay 13.25% rather than 12% on earnings up to £50,270, and on any earnings above that the rate is rising from 2% to 3.25%. The cost of living crisis including massively increased energy costs for power and fuel led the chancellor to try to help. Under the plan announced in March from July 6 the threshold at which workers start paying National Insurance will increase by £3,000.
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. Read more:DIY SOS mum forced to turn off daughter and husband's life support in two separate tragedies It has been estimated that 30 million workers will benefit and 2.2 million will not have to pay NI at all. The government website has a special tool on it for people to input key wage information and then it will give you an estimate of how much less you’ll pay. To use it click here. Generally speaking it means workers won’t pay national insurance or income tax if they earn below £12,570 a year. If you earn more than this, they will still feel the benefit and pay less national insurance overall due to the higher threshold. The change will save each employee an average of £330 in national insurance a year. Estimated contributions to National insurance: Salary National insurance costs 2021/2 PA Est National insurance costs after July 6 £20,000 £1,340 £984 £30,000 £2,451 £2,309 £40,000 £3,651 £3,634 £50,000 £4,851 £4,959 £60,000 £5,078 £5,311 Read next:
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