Changes to National Insurance will see a boost to many workers' wages this month
In this year's Spring Budget, Jeremy Hunt announced National Insurance will fall once again by 2 per cent, dropping to 8 per cent. The change will come in from tomorrow, April 6, which is the first day of the 2024-25 tax year.
About 27 million workers are set to benefit from the reduction. In addition, more than two million people will benefit from the main rate of self-employed national insurance being trimmed down to 6 per cent. To see how the National Insurance cut will affect your own wages, we've included a handy budget calculator below which will tell you how much you're contributing to National Insurance now, what you will contribute after the cut, and how much you'll save a year. All you need to do is simply type in your annual salary before taxes and hit 'calculate'.
However, workers have been warned that despite the NI cuts, some other thresholds may act as a “stealth tax” and make people feel worse off just by being left unchanged. Frozen income tax bands pull people into higher brackets over time as their pay increases.
Employment Cost Of Living HMRC
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