Posted in the Employment & Benefits Category

Announcements

October Payroll and RTI

File your monthly RTI reports for October payroll by 5th November and pay HMRC by 19th November.

September Payroll and RTI

File your monthly RTI reports for September payroll by 5th October and pay HMRC by 19th October.

NIC rises for all

Two areas in the public sector that desperately need funding are the NHS and social care. To pay for these services the Government is raising a new tax: the health and social care (HSC) levy. This will be charged at 1.25% of income or profits for the employed and self-employed respectively from 6.4.23 as it takes time to adjust computer systems to collect a new tax.

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Increases in income tax

The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6.4.22. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend income exceeds the dividend allowance which has been held at £2,000 for 2022-23.

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