How will the National Insurance and dividend tax increases affect me?
Taxpayers face an increase in their National Insurance contributions (NICs) and dividend tax rates from 2022. To explain how this significant change may affect you, please use our helpful FAQ below:
How much is the National Insurance rate increasing?
The Health and Social Care Levy will see a 1.25 percentage point increase in NICs.
When will National Insurance rates increase? Read More
UK house prices hit significant record
According to the UK’s largest mortgage lender, Halifax, house prices in the UK hit a significant record during August but the yearly growth pace in property values slowed. Read More
Personal tax: Thousands of parents “missing out” on Tax-Free Childcare
HM Revenue & Customs (HMRC) has reminded parents that they may be eligible for Tax-Free Childcare ahead of the new academic year.
The tax authority said thousands of families may be missing out on thousands of pounds in tax relief every year.
If you are a working parent, here’s what you need to know.
What is Tax-Free Childcare? Read More
Temporary 5% VAT rate rises to 12.5% as business opens up
Businesses that have benefited from a cut in the VAT rate will see the temporary figure of 5% rate increase at the end of September to 12.5%.
UK business confidence hits a four-year high
Business confidence in the UK is at the highest level for more than four years according to a new survey, with nine of the 12 UK regions expecting growth.
The monthly Lloyds Business Barometer research highlights the performance of businesses with a turnover of £1 million or more across the UK and shows confidence in the construction, manufacturing and services sectors rising sharply.
New guidance for partnerships claiming fifth SEISS grant
HM Revenue & Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.
The changes follows the introduction of the new ‘turnover test’, requiring claimants to compare the revenue of two tax years.
What is the ‘turnover test’? Read More
Economic boost as record borrowing levels slashed
There was more good news on the economy as we emerged from lockdown, with official figures showing UK borrowing had been slashed in July, compared with the same period last year.
The news comes as all Covid restrictions are now lifted, with more people returning to near normal lives.
Staff shortages leave food manufacturers looking for inmates to cover work
Food manufacturers in desperate need of workers are pleading for the UK Government to enable the companies to use prisoners to solve the staff shortage disaster – a fault of Brexit and COVID-19.
Tax-relief schemes may help start-ups raise outside investment – ICAEW
Tax-relief schemes may help start-ups and established businesses attract outside investment when traditional investment is not viable, a major regulator has said.
The Institute of Chartered Accountants in England and Wales (ICAEW) said initiatives, such as the seed enterprise investment scheme (SEIS) and the enterprise investment scheme (EIS), may help even the smallest of firms raise capital.
Good news on jobs and growth a boost for business
The UK economy has had two major boosts this week with growth in the economy and in the jobs market, according to figures from the Office for National Statistics (ONS).
