Unfortunately, no changes from the Chancellor's November pre budget speech. Additional 1% National Insurance Contributions on all earnings above £89 per week for both employers and employees. This used to have a maximum ceiling for employees contributions, which will now be removed. What does that mean?
Our view:
You pay more, your employer will also pay more. For many this is a real increase in 'taxes' of just under 2% if you include what your employer will now not to be able to give you in a payrise! But the Chancellor can still say that he has not increased income tax! Visit the Tax Tables in Savings Adviser.com.