The National Insurance threshold has changed for taxpayers in the UK. This means that the amount an individual can earn before paying National Insurance will rise, in a move outgoing Chancellor of the Exchequer Rishi Sunak approved earlier in the year.
While this means that, according to the former Chancellor, 30 million taxpayers will pay less, it’s important to note that the government also increased the rate of National Insurance from 12% to 13.25% at the start of this tax year. Some people will therefore still be paying more overall than they were before that increases came in.
National Insurance is a tax that helps support the welfare state, including benefits, pensions, Jobseeker’s Allowance and payments for maternity leave. You will pay a different amount depending on your earnings, employment status and other factors.
