How does the change in National Insurance affect me?

Updated: Aug 1




Hey Juno community!


This week we've got some good news for you – your take home pay could be set to go up this July with a change in National Insurance


We're also covering fuel costs and gender parity in Europe's start-ups (spoiler: it's nowhere near where it needs to be).


Plus, we've got some great tips from our community for raising your rates as a freelancer.


Want to get updates like this straight to your inbox? Just follow the link below to be in the know ✨

In the news this week...


1. Good news! Starting in July, you'll be paying less tax


What's happening?

The threshold on income at which you start to pay national insurance is set to increase from £9,568 to £12,570 this July.


What does this mean for my money?

Any income you earn before hitting the new £12,570 benchmark won't be subject to national insurance. This means that for most people, your take home pay is set to go up!


Let's say you currently earn 40k: while your monthly take home pay is currently £2544, from July it will rise to £2573. Small gains, but gains that will add up


Learn more...

Use this calculator to work out how your take home income will change.


2. Why are we paying so much for fuel when costs are falling for suppliers?


What's happening?

Petrol prices have hit a record high in the UK of 191.24p per litre, but the wholesale costs of fuel (the amount that retailers pay to buy it from suppliers) have been dropping for weeks, leading industry experts to question why we're all paying so much for it in the first place


What does this mean for my money?

Rishi Sunak is considering making a further fuel duty cut (equivalent to a major tax cut for fuel retailers) to help push down prices – but a previous cut made in April resulted in little difference to the cost of fuel for the average person.


Learn more...

Switching to electric cars is better for the environment and might be more cost effective too. Here's an article with the full lowdown if you want to make the switch.

The BBC's Wake Up to Money podcast covers whether fuel duty cuts made so far are really being passed on to the rest of us.


3. Only 7% of companies set to hit unicorn status are founded by women


What's happening?

Unicorn companies are those that reach a valuation of US $1bn. A new report put together by Sifted on Europe's VC-backed B2B (business to business) companies shows that only 7% of companies set to hit unicorn status are founded by women, and only 4% of companies in the ranking had gender parity in their top teams.


What does this mean for my money?

Even though Sifted's ranking only covers B2B businesses, their stat is one of many that suggests that the start-up sector still has a long way to go in achieving gender equality.


Learn more...

Read the full report if you're looking for more insight into the Europe start-up scene.


What's going on in the community?


1. Let's raise our rates!


If you're a freelancer or side-hustler, you know that raising your rates can be nerve-wracking at the best of times – but that doesn't mean that you shouldn't do it!


Community member Lilli Graf shared some of her top tips, as well as the email template that she's been using when raising her rates. The key is to state, not ask.


Hi xy,


I am emailing you regarding my rates. I usually review my rates on an annual or biannual basis, however, due largely to covid I have not increased my rates in over 2 yrs. I will now be raising them.


Beginning 1st of April, my rates will go up to XXX. These new rate will go into effect in April.


If you haven't raised your rates yet this year, why not try today?



 

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