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National Insurance issues!
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hiya Guys...
I've had a look on the HM Revenue and Customs site and found a table that is well, no use at all! Aside from that i've managed to find nothing relevent at all.
Basically this is the first months pay that incorporates a full months pay at my increased level. I got a raise of around 35% around 6 weeks ago. (Sounds impressive but still isn't a great wage)
Anyway i knew i would be taxed more, and i knew my NI contributions would increase, i just never anticipated how much.
Initially i was being taxed approx. £115 and my NI was approx £75
Now i'm being taxed approx £175 and my NI is now approx £120
Does this sound right? - I'm not sooo concerned about the tax, i expected that, more the NI.
Even with my wage increase i'm still not above the higher tax rate threshold so didn't expect any substantion jump, especially not a 50% hike in my national insurance contributions!
So now i get paid £350ish extra a month, yet pay an extra £60 in tax, £50 in NI and £20ish towards my pension!
Great!
Finally i've noticed on the last 3 of my pay slips my National Insurance number has been missing, not sure if this would have anything to do with it, or if it will have any implications in the future, i know the company knows it has it's been present on the previous years worth.
Any help appreciated
Cheers
I've had a look on the HM Revenue and Customs site and found a table that is well, no use at all! Aside from that i've managed to find nothing relevent at all.
Basically this is the first months pay that incorporates a full months pay at my increased level. I got a raise of around 35% around 6 weeks ago. (Sounds impressive but still isn't a great wage)
Anyway i knew i would be taxed more, and i knew my NI contributions would increase, i just never anticipated how much.
Initially i was being taxed approx. £115 and my NI was approx £75
Now i'm being taxed approx £175 and my NI is now approx £120
Does this sound right? - I'm not sooo concerned about the tax, i expected that, more the NI.
Even with my wage increase i'm still not above the higher tax rate threshold so didn't expect any substantion jump, especially not a 50% hike in my national insurance contributions!
So now i get paid £350ish extra a month, yet pay an extra £60 in tax, £50 in NI and £20ish towards my pension!
Great!
Finally i've noticed on the last 3 of my pay slips my National Insurance number has been missing, not sure if this would have anything to do with it, or if it will have any implications in the future, i know the company knows it has it's been present on the previous years worth.
Any help appreciated
Cheers
0
Comments
As for the no NI number, thats a bad move on your employers behalf, get in touch and tell them that your NI number is missing from your payslips and could you have copy payslips with it on?
National Insurance
Pearly
I'm not trying to get out of payin it or as much, if thats what it is supposed to be then thats fine by me, just seemed a big jump but fair enough.
Gonna look at that link now
Thanks again