19th April 2022 New tax – the health and social care levy now in force Article by:Marketing InsightsPAYE & payroll management Share Copied Share Copied The new tax year on the 6th April kickstarted the new Health and Social Care Levy, the dedicated funding source for the NHS and social care which aims to raise billions of pounds, In the first year of operation, the levy will be collected via a temporary increase in National Insurance contributions of 1.25 per cent. However, from April 2023, it will operate as a stand-alone tax and the National Insurance rates will fall. Every individual will contribute according to their means. Those who earn more pay more, with the highest 15% of people paying over half the revenues. However, the Chancellor’s Spring Statement last month. means that low earners will be shielded as from July, when the level at which people pay National Insurance on their income will rise to £12,570. The health and social care levy affects employers, employees and the self-employed. If you need assistance with calculating how the levy will impact on you, your employees or your business, please get in touch Related articles We like to keep in touch. Not just about what is happening within the firm but we also want to share out insights on topical issues of importance to you. View All Insights 23rd Nov 2023 / Corporate tax / Insights / Personal tax planning Chancellor Jeremy Hunt gives an “Autumn Statement for growth”, delivering “the biggest business tax cut in modern British history” Read Article 18th Aug 2023 / Insights / Technology Additional information required for Research & Development (R&D) claims Read Article 18th Jul 2023 / Corporate tax / Insights Super-Deduction replaced by “Full Expensing” Read Article 14th Jul 2023 / Personal insights / Retirement strategies Deadline for topping up NI contributions extended again to 5 April 2025 Read Article
23rd Nov 2023 / Corporate tax / Insights / Personal tax planning Chancellor Jeremy Hunt gives an “Autumn Statement for growth”, delivering “the biggest business tax cut in modern British history” Read Article
18th Aug 2023 / Insights / Technology Additional information required for Research & Development (R&D) claims Read Article
14th Jul 2023 / Personal insights / Retirement strategies Deadline for topping up NI contributions extended again to 5 April 2025 Read Article