TAX RISES ON NATIONAL INSURANCE AND DIVIDENDS

As from 6 APRIL 2022 National Insurance and Company Dividends tax are both increasing by 1.25%

The Government announced on 9 September 2021 that they were increasing National Insurance for both Employed and Self Employed by 1.25% and in addition to this Tax on Company Dividends also a 1.25%. This is to help cover the increased costs of Health and Social Care encountered through the Covid pandemic.

From 6 April 2023 National Insurance will revert back to it’s current level but a NEW tax will be introduced called ‘Health and Social Care Levy’ and this will be at 1.25%.

If you are self employed or an employer who wishes to discuss this please do not hesitate to contact us and we would be pleased to go through the implications to you and your business.