National Insurance (NI) is set to increase tomorrow (Wednesday, April 6), in a tax hike which will add to the cost of living crisis for millions of people when the new tax year begins.
It's said that NI will rise by 1.25 percentage points to tackle the Covid-induced NHS backlog and reform social care. This means that employees, employers and the self-employed will all pay 1.25p more per pound in what will be known as the Health and Social Care Levy from 2023.
In addition, the average worker will pay an extra £255 a year in taxes and an employee on a £20,000 a year salary will pay an extra £89. This is on top of rising food and petrol prices, not to mention a steep rise in energy costs, MirrorOnline reports.
