BRIEF HIGHLIGHTS OF TAX AND NATIONAL INSURANCE CHANGES:
> Personal income tax allowance for 22/23 remains at £12,570;
> National Insurance threshold where employees start to pay NI increased to match income tax Personal allowance of £12,570 from 6th July 2022.
> No change to proposed 1.25% Health and Social Care Levy from April 2022 on income under Class 1 (Employee, Employer) and Class 4 (Self-Employed) National Insurance contributions.
> Employer Allowance increased by £1,000 to £5,000 from April 2022;
> No change to previously planned NLW increase for individuals aged 23 from £8.91 to £9.50 an hour with effect from April 2022;
> NMW rates to apply from April 2022:
> From April 2022 Dividend Tax rates increased by 1.25% points to:
> Corporation tax rate planned increase to 25% to go ahead from 1 April 2023. Small profits rate for qualifying companies with no associated companies in the accounting period and profits of less than £50,000 will continue to pay at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by marginal relief providing a gradual increase in the effective CT rate;
> Super deduction of 130% remains available for Companies until 1 April 2023 for qualifying expenditure which is unused and not second hand;
> Fuel duty for petrol and diesel cut by 5p from 6pm 23 March 2022.
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