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UK Government Budget | Spring Budget and Statement | Nannies and Nanny Employers | Nannytax

Autumn Statement 2023 – What does this mean for nannies?

Jeremy Hunt has just announced the Autumn Statement, which includes two key changes that will impact nannies. 

Here’s what you need to know:

Boost for Nannies on the Living Wage

The National Living Wage will rise by 9.8%, from £10.42 to £11.44 an hour. This is the largest ever cash increase in the National Living Wage, and as a result, nannies can expect to see a boost in their earnings.

Extra £10 a week for nannies from January 2024

From the 6th January 2024, the main National Insurance rate for employees will be cut from 12%, to 10%. For those on the average UK salary (£35,000), this means you’ll be able to save £450 a year – which is almost £10 per week. 

For self-employed nannies, there will be changes to two other areas of National Insurance specific to you, saving you about £350 a year.

For more information about the National Insurance cut, click here

Our rates & thresholds page will reflect these changes in due course.

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