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Calculator Tells You How Much More Money You'll Receive In The Bank On Next Pay Day

Calculator Tells You How Much More Money You'll Receive In The Bank On Next Pay Day

Martin Lewis and the Money Saving Expert team have created a calculator to help people figure out how much money they'll be getting next pay

A new online calculator tells you how much more money you’ll be getting on your next pay day. 

From today (6 July), the government’s new £6 billion tax cut comes into effect, which will see 30 million UK workers save up to £330 per year. 

As explained by HM Treasury, the level at which people start paying National Insurance just jumped from £9,500 to £12,570.

Around 2.2 million people are going to be freed from having to pay NI entirely, while millions of others will be able to pay less.

A new tax cut means millions of UK workers will be paying less NI each month.

How much extra you’ll see in your bank account will depend on what you earn each month and other circumstances. 

HM Treasury went on to provide a few examples, including bricklayers who’ll save £218 annually, care workers who’ll save £324 and nursery assistants who’ll get a £343 boost each year. 

If you’re wondering what’s in store for you personally now that the tax cut has come into effect, don’t worry about whacking out your calculator, as Martin Lewis' Money Saving Expert team have done the hard work for us.

All you have to do is head to their online calculator here and select 2022/23 from the 'Tax Year' selector.

Next up, fill in your pre-tax income and any deductibles, and the tool generates an estimate of your monthly take-home pay and how much tax you’ll be shelling out over the year. 

Martin Lewis and his Money Saving Expert team have created an online calculator to determine how much money you'll save each month.

It might not be a life-changing difference, but the extra cash in pocket each month is certainly going to help the millions of people across the country who are struggling with the cost-of-living crisis

This isn’t the first time Lewis has helped Brits to save money as inflation in the UK continues to skyrocket. 

In April, Lewis' website released a newsletter urging that those on minimum wage could be left underpaid by their employer.

The letter drew attention to the annual increase in the national minimum wage, which happens every April - the start of the new tax year.

This year, the wages increased so that workers over the age of 23 are paid at least £9.50 an hour, which racks up to an extra £1000 a year if you're working a standard 35-hour week.

The tax cut arrives after Boris Johnson put taxes up to their highest point in seven decades.

But doing overtime and paying out for work-related tools, for example, could see people's annual income fall below the new minimum.

As the site explains: "For example, if you're a social worker doing home visits, your salary must cover the time it takes you to travel between each of your clients' homes, as well as the time you spend with them."

As such, Lewis urged people to stay vigilant and contact their employer if they aren't being fairly compensated.

Featured Image Credit: Alamy

Topics: UK News, Money, Martin Lewis