It’s a Happy New Year from us at CC Associates!
As we enter the new tax year 22/23, we thought we’d highlight some key updates
- National Insurance increases
- Employees Class 1 rises to 13.25%
- Employers NI rises to 15.05%
- Self Employed Class 2 NI rises to £3.15/ week
- Self Employed Class 4 rises to 10.25%
- Vat rises from the reduced rate for hospitality of 12.5% to 20%
- Minimum wage increases all the new rates can be found here
- Dividend tax increases to 8.75% (lower band) and 33.75 (higher band)
If you would like any further information or are concerned about how these changes affect you and your business, please get in touch and we will do our utmost to assist you to navigate through it all
Nicola and Tim