The Salary Calculator

Tomorrow, the Chancellor of the Exchequer will deliver his annual budget to the Houses of Parliament. We have already heard about some possible announcements (such as the introduction of a scheme to help people increase their savings), and we have been told that there will be no changes to pension tax relief (which looked likely, for a while).

From 6th April, the new tax year means changes to tax-free personal allowances, tax thresholds and the like. The Salary Calculator has been updated with the latest values so you can see what your payslip will look like from April onwards. The personal allowance has been increased to £11,000 per year, which will reduce the tax due for most people. There are changes to National Insurance this year, too – since it is no longer possible for a pension to be “contracted-out” (earning a reduction in NI contributions), those of you who had one of these pensions will be paying the full NI contributions from 6th April.

If you would like to see how these changes will affect you, head over to The Salary Calculator to see what difference it will make to your payslip!