MILLIONS of workers will get a pay rise today as a major tax change come into force. The wage boost is fueled by a 1.25 percentage point cut to National Insurance which came into effect yesterday (…
Lower earners, on less than £12,570 a year, won't benefit from the change.
That's because you don't pay any NICs under this amount which is also your tax-free personal allowance for income tax. But Hargreaves Lansdown has revealed exactly how much more money you'll keep if you're on the following salaries:Workers on £30,000 will take home an extra £218 a yearWorkers on £50,000 will take home an extra £468 a yearWorkers on £80,000 will take home an extra £843 a yearYou won't see the cash all at once in your paycheck. Instead, you'll see the amount you pay each month reduced.Workers on £20,000 will take home an extra £7.
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