Martin Lewis shares new online tool to show how much money you’ll get after tax

Martin Lewis shares new online tool to show how much money you’ll get after tax

July 7, 2022

Brits can calculate how much more money they'll get on their next pay day, thanks to a new tool.

From yesterday (July 6), the government's new £6bn tax cut came into effect where 30million workers will save up to £330 per year.

The HM Treasury said the level at which people start paying National Insurance just jumped from £9,500 to £12,570.

READ MORE: Martin Lewis explains who's entitled to huge £3,300 boost with just one phone call

Around 2.2m people are going to be freed from paying the contributions entirely with millions able to pay less.

How much extra you'll see in your bank account will depend on what you earn each month and other circumstances.

HM Treasury went on to provide a few examples, including bricklayers who'll save £218 annually.

Luckily Martin Lewis has a handy tool on his MoneySavingExpert website which helps you calculate your earnings.

All you have to do is head online and select 2022/23 from the Tax Year selector.

Next up, fill in your pre-tax income and any deductibles, and the tool generates an estimate of your monthly take-home pay.

It also shows how much tax you'll be shelling out over the year.

It might not be life-changing, but the extra cash in pocket each month will help struggling Brits amid the cost of living crisis.

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