The government has announced
National Insurance contributions (NICs) will increase by 1.25% for the 2022/23 tax year which will affect employees, employers and the self-employed.
From April 2023, a new Health and Social Care Levy of 1.25% will apply and National Insurance rates will revert back to current levels. The levy will also apply to those over State Pension age with employment income or profits from self-employment over £9,568.
From April 2022 income tax on dividends will also increase by 1.25%.
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