top of page

Reversal of National Insurance Increase

  • Farrell & Farrell
  • Nov 9, 2022
  • 1 min read

From the 6 November 2022, the 1.25% cut to National Insurance rates for employees and employers takes effect across the UK. The tax cut was announced by the government on 22 September, as part of the reversal of April’s rise in National Insurance.


Working people across the UK will begin receiving the tax cut in their payslips this month via their employer’s payroll. All workers earning over the annual national insurance threshold of £12,570 will see a fall in their national insurance bill in November compared to July. The rates will return for employees from 13.25% to 12%, (higher earners 3.25% to 2%) and return for employers from 15.05% to 13.8%.


The Government have stated that funding for health and social care services will be maintained at the same level as if the Health & Social Care levy were in place.


It is estimated that 30million people will be £500 better off on average next year. So working people will keep more of the money that they earn.



Comments


FFLOGO.png
FFLOGO3.png
NEW CIOT LOGO copy.png

35 Main Street
Hilltown
Newry
County Down
BT34 5UJ

Tel:      028 4063 0876

Fax:     028 4063 2648

Email:  info@farrellca.com

  • Facebook - Black Circle
  • Twitter - Black Circle
  • LinkedIn - Black Circle

Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.

bottom of page