Martin Lewis says people will bag more cash in this months take home pay

Martin Lewis says people will bag more cash in this months take home pay

With the cost of living continuing to rise it's no secret that Brits are looking to earn some extra cash where they can.

To help people out Martin Lewis issued essential advice on how families can increase the cash in their take home pay this month.

He talked about how Brits could boost their salaries on ITV’s Martin Lewis Money Show Live on Tuesday night (November 8).

READ MORE:New April energy bills as Martin Lewis predicts costs could hit £3.7k a year

He explained your take home pay could rise by as much as £780, and the amount you're entitled to all depends on how much you get paid.

It comes as a result of a change in National Insurance rates.

Speaking on the show, Lewis said: "Expect more in your take-home pay this month.

"Most National Insurance rates dropped to 12% (1.25% points)."

He went onto explain what it means for the salaries of the average viewer.

According to LadBible, if you earn £15,000 a year, this amounts to a £30 gain per year, while those who earn £75,000 will benefit from £780 a year.

How much could I get?

  • £12,570 – £0 gain per year
  • £15,000 – £30 gain per year
  • £20,000 – £93 gain per year
  • £40,000 – £343 gain per year
  • £75,000 – £780 gain per year

The National Insurance increase was revealed earlier this year, but had been cancelled from November as a result of the cost of living crisis.

Even though Prime Minister Rishi Sunak is reversing a number of policies revealed by former leader, Liz Truss, the National Insurance tax rise cancellation is currently still going ahead.

It took effect on November 6, which is why you should notice a change in your pay for the first time this month.

The government website reads: "The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy.

"Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.

"The move to reverse April National Insurance increase follows the rise in National Insurance thresholds in July.

"As a result of both measures, working people will be £500 better off, on average, next year.

"Funding for health and social care services will be maintained at the same level as if the levy were in place."

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