 people pay, since the rate was reduced from 13.25% back to 12%. Around 28million people across the UK will now keep an extra £330 a year on average in the 2023/24 tax year, the Mirror reports. The Government also claims that the majority of businesses will also see a reduction in their NI bills – and save an average of £9,600 each in 2023-24. Mr Lewis broke the news to his millions of viewers on his ITV Martin Lewis Money Show Live this week. He said: 'Expect more in your take-home pay this month. Most National Insurance rates dropped to 12% (1.25 percentage points).' Below is a breakdown of the expected savings, as set out by the Government If you earn £12,570 – £0 gain per yearIf you earn £15,000 – £30 gain per yearIf you earn £20,000 – £93 gain per yearIf you earn £40,000 – £343 gain per yearIf you earn £75,000 – £780 gain per year Mr Lewis's advice follows a year of back-and-forth Government changes for National Insurance rates. You start paying for National Insurance if you're over 16 years old and earn or have self-employed profits over a certain amount. You have to pay mandatory NI if you are: An employee earning above £242 a week Self-employed and making a profit of £6,725 or more a year National Insurance is a tax on your earnings that go towards funding the likes of the NHS, pension schemes, unemployment benefit and sickness and disability allowances. The amount of National Insurance you pay depends on yo){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Martin Lewis has issued advice on how you can expect a boost from your pay check this month.
Millions watched on as the money saving expert revealed tips on his ITV show on Tuesday night.
Mr Lewis unveiled 12 key hacks on how to save cash this winter – such as changing your boiler setting, not draining your bath and using clingfilm on windows to retain heat.
He also discussed how people earning more than a certain amount are set for a financial boost from pay checks in coming months.