Fiscal drag: how can employers offset the challenges of a difficult economy?
Employee Benefits
APRIL 22, 2024
This can contribute to fiscal drag, which occurs when taxpayers are ‘dragged’ into paying tax, or a higher tax rate. This could add further strain to employees. In his Spring Budget in March this year, Hunt announced that employee NI contributions will be cut by two pence, falling from 10% to 8% from 6 April.
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