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Third time lucky
Key points
- With three changes to National Insurance in 2022 where should historical queries or problems be raised regarding 2022-23 tax year?
- The changes for November 2023 would reduce National Insurance rates by 1.25% from 6 November 2022 for primary and secondary contributions and abolish the introduction of the health and social care levy of 1.25% from 6 April 2023.
- It is critical that HMRC’s systems and payroll systems are updated in time to incorporate the National Insurance changes for paydays on or after 6 November 2022.
- Termination payments made up to 5 November 2022 will be due to pay class 1A on the excess over £30 000 at 15.05% and from 6 November 2022 at 13.8%.
- Class 4 contributions paid by the self-employed annually will have the main and additional rates reduced to 9.73% and 2.73% respectively.
- The government is proposing to change the off-payroll rules....
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