The exact amount you'll get back depends on your tax situation and those with certain tax codes will benefit more
HM Revenue and Customs is set to give workers an average of £900 back from next month, but only if they have the right code on their payslip.
This follows the Chancellor's recent Spring Budget announcement of a series of financial changes, including a tax cut for workers. However, the exact amount you'll get back depends on your tax situation and those with certain tax codes will benefit more. From April 6, the government is changing National Insurance, cutting 2% from the amount you pay. This tax was created in the 1950s to fund the NHS and acts as a national 'health insurance' policy.The upcoming tax cut is the second this year, following another 2% cut in January. So, the two cuts could mean an average boost of £900 this year.
If you're on the 1257L tax code, you could see between £200 and £750 back in your pay packet from 6th April, depending on your earnings. But remember, the change to National Insurance only affects people earning up to a maximum of £50,270 and only applies to those on the 1257L tax code, unless there's a specific quirk to your tax situation, reports YorkshireLive.
For example, if you paid too much or too little tax before, or you started a new job during the year, your tax code might change. But you'll still get less National Insurance to pay.The government states: "As a result of this measure, an average employee on £35,400 will receive a tax cut of over £450 per year from April 2024. An average self-employed person on £28,000 will see a tax cut of £310 a year and over 2 million individuals will benefit.
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