2024-04-26 08:11:58
What isn't taken as NI contributions will be taxed meaning it isn't worth an extra £900 as Prime minister Rishi Sunak suggests [Link] NEEDS_MORE_RATINGS(19-3-13) Author
2024-04-26 09:09:28
The UK Treasury has been freezing the Personal Tax Allowance last year and this. Because inflation grows, in real terms the PTA is falling. That’s a tax rise commonly known as fiscal drag. It cancels out much of the National Insurance Cut. Explained here: [Link] CURRENTLY_RATED_HELPFUL(84-3-13) Author
2024-04-26 09:24:16
Note not needed. For those paid monthly in arrears, the second cut to National Insurance will be noticed at the end of this month, and the saving of £900 is based on an average salary of ~£35,000 per year (£34,963 according to the Office for National Statistics: [Link] NEEDS_MORE_RATINGS(6-2-16) Author
2024-04-26 09:24:40
NNN put comments under OP. NEEDS_MORE_RATINGS(5-0-17) Author
2024-04-26 10:08:22
This is only a partial picture - when ALL tax changes are included to present the whole picture, the average worker (on approx. £35k) will save only about £340 a year. If you earn less than £26k, you will be worse off [Link] CURRENTLY_RATED_HELPFUL(117-1-10) Author
2024-04-26 16:07:20
Note Not Needed - Fiscal Drag doesn't change the tax system's calculation of the amount of taxation on an income of £35k NEEDS_MORE_RATINGS(3-1-9) Author