Almost 30 million Britons will pay the new 1.25 percent National Insurance health and social care levy from April 6. This will cost the average £30,000 earner an extra £225 a year, at the worst possible time as inflation rockets.
There have been widespread calls for Prime Minister Boris Johnson to scrap the NI levy, which is designed to raise £12 billion a year to clear post-Covid NHS backlogs and funding social care costs.
The hated tax hike will add to the inflationary whirlwind and put even greater pressure on ordinary people’s pockets. Yet Johnson and Chancellor Rishi Sunak are ploughing on regardless and it seems set to come into force next month.
However, with careful planning, you may be able to reduce your own exposure, top personal finance experts say.
You could cut both your NI and income tax bill, and boost your retirement savings at the same time, says Adrian Lowery, personal finance expert at Isa and Sipp platform Bestinvest.
Lowery says millions of employees might be able to drop a tax band by upping pension contributions. So instead of paying money to HM Revenue &…
