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We've been hard at work updating our calculator to handle the changes coming in the new financial year. Highlights? Over 31 million tax payers in the UK will see a small £104 reduction in their national insurance charge. Self-employed workers won't benefit as much but will still have their charge reduced by £78.
The government is on course to normalise the levy in line with income tax rates, ensuring that low paid workers benefit from being taken out of taxation entirely.
From April 2019, the amount workers pay into their workplace pensions will rise from 3% to 5%. Meaning that an employee earning £27,000 per year will now pay an additonal £45 per month towards their pension.
However, with employer contributions also increasing to 2%, this will increase our example pension pot by an additional £945 per year.
We've been hard at work updating our calculator to handle the changes coming in the new financial year. Highlights? Most people in the UK will now have an increased personal tax free allowance of £12,500.
Also for higher rate tax payers, the higher rate won't kick in until earnings exceed £50,000 (£12,500 personal allowance + £37,500 basic tax rate bracket).