National Insurance: What are NI and income tax and what do I pay?
Buy Now An error occurred. Buy Now An error occurred. Book Novotel Hotel National Insurance: What are NI and income tax and what do I pay? Banzai Japan Music Video The government has announced an increase in the amount of National Insurance (NI) paid by employers. Before the Budget, the chancellor and prime minister had promised not to increase the main rates of income tax and National Insurance (NI) for working people and these will not change. NI rates paid by workers and the self-employed have already been been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. Budget 2024: Key points at-a-glance How the Budget will affect you and your money Book Novotel Hotel What is National Insurance and what does it pay for? The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS. It is paid by employees, employers and the self-employed across the UK. Those over the state pension age do not pay it, even if they are working. Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life., external How does National Insurance work?, external Check your National Insurance record Banzai Japan Music Video How much do employers pay in National Insurance? At the moment businesses pay a rate of 13.8% on employees’ earnings above a threshold of £9,100 a year. In the Budget Chancellor Rachel Reeves said this rate would increase to 15% in April 2025, and the threshold would be reduced to £5,000. The employment allowance – which allows companies to reduce their NI liability – will increase from £5,000 to £10,500. In total Reeves said the changes would raise £25bn a year by the end of the period covered by the Budget. Neither employers nor employees pay NI on pension contributions. There had been widespread speculation that the Budget could set out plans for employers to start doing so, but it did not. Would raising employer National Insurance break Labour’s pledge? How much do employees pay in National Insurance? Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year. The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%. The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000. For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%. At the time, the previous government said this was worth £350 to a self-employed person earning £28,200. Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions. The NI rate on income and profits above £50,270 remains at 2% for all workers. National Insurance rates, external What are the current income tax rates? Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. It is also paid on some benefits, external and pensions, income from renting out property, and returns from savings, external and investments, external above certain limits. The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270. The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance. You lose £1 of your personal allowance for every £2 that your income goes above £100,000. Anyone earning more than £125,140 a year no longer has any tax-free personal allowance. The additional rate of income tax of 45% is paid on all earnings above £125,140 a year. These rates apply in England, Wales and Northern Ireland. Some income tax rates are different, external in Scotland, where a new 45% band took effect in April 2024. At the same time the top rate also rose from 47% to 48%. What is happening to NI and income tax thresholds and why do they matter? Despite the NI cuts for workers and the self-employed in 2024, millions will still pay more tax overall because of changes to the tax thresholds. These are the income levels at which people start paying NI or income tax, or have to pay higher rates. These used to rise every year in line with inflation. However, the previous government froze the NI threshold and tax-free personal allowance at £12,570 until 2028. Higher-rate tax will continue to kick in for earnings above £50,270. Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates. According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers. In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 – from the combined tax changes – and people earning between £26,000 and £60,000 will be better off. But by 2027, the average earner would be only £140 better off – and only people earning between £32,000 and £55,000 a year would still benefit. Before the Budget there had been speculation that the chancellor would extend the freeze until 2030 but she said she had decided not to do so. Who pays most in income tax? For most families, income tax is the single biggest tax they pay. But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes. For the poorest fifth of households, VAT is the biggest single tax paid. How do UK taxes compare with other countries like France and Germany? You can look at the amount of tax raised as a proportion of the size of the economy, or GDP. In 2022
Chainsaw Man Star Sarah Wiedenheft to Attend MCM Comic Con in May
Buy Now An error occurred. Buy Now An error occurred. Book Novotel Hotel Chainsaw Man Star Sarah Wiedenheft to Attend MCM Comic Con in May Banzai Japan Music Video Sarah Wiedenheft will appear at MCM Comic Con at Excel London from Friday 23 May to Sunday 25 May for autographs, photo opportunities and a Saturday live games session. London, UK – Thursday 6 March 2025 | Voice acting star of Chainsaw Man, Miss Kobayahi’s Dragon Maid and Honkai: Star Rail, Sarah Wiedenheft, will be attending all three days of MCM Comic Con this May. Book Novotel Hotel Although she is best recognised for her role as hard-working dragon maid Tohru in Miss Kobayashi’s Dragon Maid, Sarah is also known for portraying a huge range of characters across anime and games. Sarah recently brought to life the widely beloved and iconic character, Power, in Chainsaw Man. Alongside this, she also voiced the second-year Ruby Kurosawa in Love Live! Sunshine!!. Banzai Japan Music Video In addition to anime, Sarah has lent her talent to iconic video game characters, most notably Master Diviner Fu Xian in Honkai: Star Rail. Alongside this, she voices Blanc, the energetic bunny girl from 777, in Goddess of Victory: Nikke. Sarah will be appearing for all three days of MCM Comic Con, from Friday 23 May until Sunday 25 May, to meet fans for autographs and photo opportunities. She will also lead an interactive game session of Forget-Me-Not on Saturday 24 May, in which contestants will attempt to draw iconic characters from memory for the chance to win exciting prizes. MCM Comic Con is the ultimate celebration of pop and geek culture, playing host to a packed schedule of celebrity guests, insightful panels and unforgettable experiences. The convention will return to Excel London from Friday 23rd May to Sunday 25th May, after welcoming hundreds of thousands of dedicated fans across three shows throughout 2024. Keep an eye on the official MCM Comic Con pages for the latest announcements as Reedpop reveals more exciting guests, panels and activities in the lead up to MCM Comic Con May. Tickets can be purchased HERE. Book Novotel Hotel Banzai Japan Social Media Fumi Fujisaki Idol Riko Ueno Idol Rino Ibusuki Idol Yunagi Nino Idol Shiori Fujisaki Idol Kana Ichinose Idol Hoshino Arice Idol Sasa Sasagawa Idol Kosaka Yuu Idol Tsukumo Aira Idol Maika Ando Idol Yuuki Mochimaru Idol