Business

National Insurance calculator: See how you’re affected after rise is reversed

Chancellor Kwasi Kwarteng has announced that April’s National Insurance hike is to be reversed from 6 November.

The 1.25 percentage point increase was introduced under former chancellor Rishi Sunak, but during the Tory leadership race Liz Truss pledged to change it.

Use our calculator below to see how the change affects you:

The Treasury said most employees would receive a cut to their National Insurance contribution directly via their employer’s payroll in their November pay, although some may be delayed to December or January.

It calculated that almost 28 million people will keep an extra £330 of their money on average next year, while 920,000 businesses are set to save almost £10,000 on average next year thanks to the change.

Articles You May Like

Watch Daytona Beach as Hurricane Ian travels across Florida
Plan to cut taxes for richest is ‘breathtaking in its audacity’, says Steve Coogan
ITV called Domino’s Pizza to complain about Holly and Phil queue row tweet
The King and senior royals leave Westminster Hall
Amazon hikes pay for warehouse and delivery workers