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Martin Lewis’ Money Saving Expert team have created a calculator that shows whether or not you could get a pay rise next month.
Well, once again Lewis’ team has come to the rescue, offering quick calculations on how our expected earnings could change as National Insurance thresholds are set to increase from 6 July.
As it stands, we can earn up to £9,500 annually before paying National Insurance.
As of next month, this threshold will be raised to £12,500, which means that a fair few of us could see a bit of extra cash coming into our accounts.
So, how do you work out whether your wages will change? Well, as the website explains: “Just select 2022/23 from the ‘Tax Year’ selector.”
You then fill in your pre-tax income and any deductibles, “and the calculator will show you what impact this will have on your monthly take-home pay, and how much tax you’ll pay over the year.”
Simple as that and, honestly, we hope you’ve got some well deserved extra cash coming your way. You can use the calculator here if you’d like to find out more.
This certainly isn’t the first time that Lewis and his team have had to help people navigate the cost of living crisis and what they can expect to take home each month.
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 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.
So, why might people be underpaid? Well, working overtime and paying out for work-related tools 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.”
So, Lewis urged people to stay vigilant and contact their employer if they aren’t being fairly compensated.
Featured Image Credit: ITV/Shutterstock
Topics: News, Martin Lewis, Money, UK News