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New National Insurance calculator to work out if you're paying too much tax

Document Cited in Related
Vincent
Published date10 April 2024
Publication titleMyLondon (England)
On April 6, the rate for income between £12,570 and £50,270 dropped from 10 per cent to 8 per cent. That would equate to roughly £250 a year less for someone on £25,000

If you earn more than £50,070 this would be £750 a year less than before. However, due to frozen tax thresholds some of this will not be seen.

Income tax threshold and National Insurance have been frozen while earnings have been rising since 2021. This means that more of your income ends up going to tax.

This is called 'fiscal drag'. You can use Money Saving Expert's Income Tax and National Insurance Calculator to see if your tax has gone up or down for 2024/5.

You can access the calculator here to figure out if you're paying too much tax. Money Saving Expert also has a Free Tax Code Calculator to check your tax code is...

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