Tax Shrink Blog

The following are blog posts discussing topics including UK income and company taxation, optimisation and calculations. These are not legally binding advice, your circumstances may differ and you should consult a professional before making any decisions.

Untangling the 2023 and 2024 budgets' National Insurance changes

7th March 2024
Impressionist-style painting of the transition from winter to spring with abstract confusing graphs.
Listening to the budget speeches by the Chancellor, reading some newspapers, consulting online calculators and listening to excellent sources like Martin Lewis might be confusing. They all have different numbers on how much it may save on income tax. This article aims to untangle the confusion.
Note: 2023/24 tax year uses blended employee NI rate of 11.5% is used since it changed in January 2024 from 12% to 10%. No other incomes or tax reliefs are considered.

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1Disclaimer: These calculations are simplified and illustrative only. They are not tax advice. There are no guarantees that the calculations are correct, complete, up to date or applicable to your situation. Consult a tax professional for your specific situation before making any decisions.