National Insurance has been cut.
The new financial year has now begun The new financial year has now begun, and as finances remain tight, many households across the UK will be looking to save their pennies. Now, HMRC has issued guidance on the payslip code that could tell you whether you’re due a £900 pay boost – and it applies from April 6. As part of the Spring Budget, Chancellor Jeremy Hunt announced further cuts in National Insurance contributions from 10% to 8% in March.
Check your tax code ‘An average self-employed person on £28,000 will see a tax cut of £310 a year and over 2 million individuals will benefit. Actual impacts for individual taxpayers will vary according to individual circumstances.’ As the Chancellor announced the policy in March, he noted that 27 million people would be eligible for the £900 cut, alongside 2 million self-employed people who will get a £650 cut when combined with the reductions from the autumn statement.
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