As we come closer to the end of the 2021/22 tax year, you need to be aware of wage changes and how that may affect your business.
Within Sunaks budget, we will see an increase in the national living wage by 6.6%. This goes hand-in-hand with the rise in National Insurance payments, which will be 1.25% from April 2022 tax year. This is a temporary rise for the 2022/23 tax year. Then, from April 2023, National Insurance rates will return to 2021/22 levels and be replaced by a new 1.25% Health and Social Care Levy.
The wage rates will go as follows:
|Age Range||April 2021 Rate||April 2022 Rate|
|National Living Wage (23+)||£8.91||£9.50|
If you require any further information on the upcoming changes or the effects they may have on your business, please get in touch with one of our payroll experts by calling 01942 816 512 or emailing us at firstname.lastname@example.org.