On 6 April 2022, the rate of National Insurance contributions people pay changed for one year.
The amount increased by 1.25 percentage points and is being ringfenced to be spent on the NHS and social care across the UK.
On 23 March 2022 however, the UK Government announced an increase in National Insurance thresholds for the 2022 to 2023 tax year, meaning employees and the self-employed will pay NICs contributions on less of their income or profits.
To help make sense of all the changes, James Milne Chartered Accountants has just released its popular annual guide for all key tax rates, bands and charges for the 2022-23 tax year.
It also details the key dates and deadlines for payments for the 2021-22 tax year.
This can be downloaded from the James Milne resource centre – https://www.jamesmilne.co.uk/business-services/resource-centre