Martin Lewis has issued crucial advice about how you’re able to get more money in your take home pay this month.
Lewis revealed how everyone who works should receive a boost in their pay cheque this month, having explained the process on ITV’s Martin Lewis Money Show Live on Tuesday night (8 November).
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This means your take-home pay could go up by as much as £780, depending on how much you’re on, and it’s all down to a change in National Insurance rates.
"Expect more in your take-home pay this month,” Lewis said.
“Most National Insurance rates dropped to 12% (1.25% points)."
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He then proceeded to show what this would mean to the salaries of the average viewer.
If you earn £15,000 annually, this equates to a £30 gain per year, while those on £75,000 will gain up to £780 a year.
£12,570: £0 gain per year
£15,000: £30 gain per year
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£20,000: £93 gain per year
£40,000: £343 gain per year
£75,000: £780 gain per year
The National Insurance increase, which was announced earlier this year, had been cancelled from November as the cost of living crisis continues to affect Brits across the nation.
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While Prime Minister Rishi Sunak is reversing a number of policies announced by former leader Liz Truss, for now, the National Insurance tax rise cancellation is still a goer, and took effect on 6 November – hence why this is the first month you should see a change in your pay.
The government website explains: "The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy.
"Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
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"The move to reverse April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year.
"Funding for health and social care services will be maintained at the same level as if the levy were in place."
Lewis also recently shared a list of 12 ways to knock money off your energy bills, including checking your boiler, turning off radiators in empty room, reducing your heating slightly, checking your fridge/freezer, being mindful with bathwater temperature, investing in a money-saving shower head, fleece-lined curtains, reflective panels on radiators, changing your TV settings, blocking off draughty spots and avoiding the tumble dryer.
Featured Image Credit: PA Images/Rosemary Roberts/AlamyTopics: UK News, Money, Martin Lewis