National Insurance Cut and Council Tax Debt

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 4 May 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

National Insurance - a tax millions of working age people pay on their wages - is being cut this weekend, for the second time this year. The main rate of National Insurance has now fallen by a third - from 12% last year to just 8%. The Treasury says combined with above-inflation increases to personal tax thresholds since 2010, this will save the average earner over £1,500 compared to what they would otherwise have paid. What difference will it make to your pay?

The debt charity StepChange has told Money Box a third of people they helped last year were behind on their Council Tax payments with an average debt of more than £1,700. What can you do if you're struggling to pay?

Plus, changes to Child Benefit mean it will become available to thousands more families from this weekend - how will that work?

Presenter: Paul Lewis Reporters: Sarah Rogers and Eimear Devlin Researchers: Sandra Hardial and Jo Krasner Producer: Craig Henderson Editor: Jess Quayle

(First broadcast 12pm Saturday 6th April 2024)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio, podcasts.
0:43.0	Hello, welcome to this Moneybox podcast.
0:45.6	New figures from a debt charity show a sharp rise in the money owed for council tax,
0:49.9	and this week, for most, the bills go up again.
0:52.9	And a £600 million a year tax cut for better off households with children.
0:57.7	Half a million will be able to keep more of their child benefit,
1:00.8	so how do they make sure they get it?
1:02.7	But first, national insurance.
1:04.9	A tax millions of working-age people pay on their wages
1:07.9	is being cut this weekend for the second time this year.
1:11.7	From April the 6th, employee national insurance will be cut by another 2P from 10% to 8%.
1:20.1	Chancellor Jeremy Hunt making the announcement in his spring budget last month.
1:25.3	The main rate of national insurance has now fallen by a third
1:28.2	from 12% last year to just 8% from today. The savings for individuals will depend on what they
1:34.4	earn, of course, the biggest savings by the highest paid who pay the most tax. And for someone
	...

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