A warning has been issued to taxpayers in the UK after new analysis revealed they will be around £3,692 worse off next year.
With bills continuing to rise amid the cost of living crisis, many people are concerned about how much their outgoings are as they try to save money - but it's bad news for taxpayers. The average taxpayer saw £3,774 deducted from their wages in tax last year and a further £2,625 in National Insurance totalling £6,399 in deductions.
The average UK salary in the financial year 2021/22 was £31,447 but this average gross income is expected to increase again in 2022/23. The jump is a result of an average annual pay increase of 3%, meaning the average person would take home £32,390 before tax, the Liverpool Echo reports.
