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Tackling the Social Care problem - tax impacts for SME owners

Tax increases and a proposed new tax! By Tim Mallon at Mallon:Tax

Yesterday, the Government announced increases in National Insurance Contributions for employees, employers and the self-employed and an increase in the rates at which dividend income will be taxed from April 2022.  All three will increase by 1.25 percentage points from that date and from April 2023 employee’s payslips will see the NIC elements transformed into something called the “Health and Social Care Levy”.

There is an awful lot of politicking to be done before these changes come into effect but already there are some matters that owners of SMES may wish to think about over the coming months.

Continue reading this update on Mallon:Tax website HERE