Check how the National Insurance changes will affect you
-
June 2022
Her Majesty's Revenue & Customs (HMRC) has released a tool that allows employees to check how the recent and upcoming changes in National Insurance (NI) affect their earnings.
In the spring statement delivered back in March, it was announced that the Primary Threshold (PT) will be increasing from £823 a month to £1,048 from 6 July 2022. From April the rate of NI contributions was increased by 1.25 percentage points. From April 2023 the rate will go back to what it was but an additional Health and Social Care Levy of 1.25% on earnings subject to NI will be deductible. The purpose of the tool is to allow employees to get an estimate of how all the NI changes will affect their yearly take home pay.