The budget speech has just finished and the team at are going to work much of tonight and tomorrow morning to analyse the "nitty gritty" behind the speech.
What does it mean to you? What are the new allowances? How does it affect my savings, pensions and investments?
We do not believe there was that much in the budget to affect you in this regard but we will start digging. The impact of a 1% increase in National Insurance - initial view - this is a 2% increase (1% from employees + your employer will pay 1%) as well as 1% for the self employed. This is a greater tax than just hiking income tax rates. As the celing has been removed for employees national insurance contributions. It is now on all earnings not just up to a certain weekly earned income figure.
The revised tax tables, calculators etc will all be updated over the next 24 hours.