Some good news!
One of the tax cuts introduced by Kwasi which was NOT reversed was the 1.25 % cut to national insurance which takes effect from November 6th, 2022.
Paying national insurance gives you a state pension, maternity pay, statutory sick pay, and redundancy pay.
The more you earn, the higher the tax savings you will get
If you earn £20,000 a year, you will get an extra £93 a year.
If you earn £30,000 a year, you will get an extra £218 a year
If you earn £40,000 a year, you will get an extra £343 a year
If you earn £60,000 a year, you will get an extra £593 a year
If you earn £80,000 a year, you will get an extra £843 a year
If you earn £100,000 a year, you will get an extra £1,093 a year.
If you are planning on doing Taxation or Advanced Tax in December 2022 or March 2023, I recommend you purchase Tax Condensed or Advanced Tax Condensed which will allow you to learn the technical rules. If you then practice the key questions I recommend, you too will be ready for anything the examiner throws at you.
These books will really make the difference. You can purchase them using the links below:
#neildacosta #kaplan #taxcuts #nationalinsurance
Recent Comments