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Tax calculator shows how much extra you will have to pay this April

National Insurance rates will increase in April and will mean millions more paying taxes.

The increase was first announced last year and is designed to help cover social care costs.

Our tax calculator can help you figure out how much extra National Insurance you'll have to pay in April

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Our tax calculator can help you figure out how much more National Insurance you’ll have to pay in AprilCredit: Getty

But the increase comes at the same time as the cost of living is rising, including food and energy bills.

However, the tax increase will continue, Downing Street confirmed, despite concerns that it could squeeze already tough households further.

National Insurance Rates vary depending on how much you earn.

You pay national insurance when you are working and earning more than £9,568 a year or £184 a week.

Self-employed people earning more than £6,515 are also required to pay national insurance contributions.

This increase will affect the finances of around 25 million Brits, who will have to pay an additional 1.25 percentage points.

This means the rate will increase from 12% on earnings between £184 and £967 a week to 13.5%.

The percentage of earnings on this amount will also increase from 2% to 3.25%.

Since the rate is a percentage of your income, the exact amount more than you would pay in cash will depend on your circumstances.

Currently, someone earning £15,000 a year pays a contribution of £652, while someone else earning an annual salary of £25,000 would be taxed £1,852 a year.

With an income of £15,000, an increase would mean an additional £68 a year, and with an additional £25,000 and £193.

You can use The Sun’s tax calculator, created with tax advisor Blick Rothenberg, to help you work out how much tax you’ll have to pay and what your take-home pay will be.

You can find The Sun’s tax calculator is here.

You will be asked to fill in some personal details such as your age and if you are married or have children.

Fill in your annual salary and any other income you have, such as from pensions or investments, and you can begin to understand the difference you’ll pay in annual taxes. now and next year.

Don’t forget that tax year extended to the middle of the year and the new program starts in April 2022.

The government has previously announced that there will be no increase in income tax next year and the current rate will be frozen until 2026.

It should be noted that the information entered Blick Rothenberg Tax calculators may be used to generate aggregate trend analysis but will not be used to identify individuals or their individual circumstances.

The calculator is only designed to give you an indication of how the changes might affect your situation.

Boris Johnson confirms NI tax hike will continue and says ‘every penny’ will help fund ‘Covid backlog’

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https://www.thesun.co.uk/money/17473941/national-insurance-tax-calculator-april-rise-pay-more/ Tax calculator shows how much extra you will have to pay this April

JACLYN DIAZ

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