Year End Tax Planning Guide 2022
4th February 2022
As we continue to face COVID-19 challenges and the return to ‘normal’, two significant tax increases will take effect from April:
- An increase to dividend tax rates; and
- A temporary 1.25% increase to National Insurance (NIC). From April 2023, the new Health and Social Care Levy will replace the increase to the NIC rate.
In addition to the routine pre-year end planning, you may wish to consider whether dividends and remuneration can be paid before the end of this tax year.
We do not expect a Spring Budget this year, but the Chancellor is scheduled to deliver his Spring Forecast on 23 March. The Forecast should not include any tax changes, but should give some insight into the health of the economy.
Please do not hesitate to contact me, or a member of the team, if we can assist in any way. We send all best wishes to you and your family at the challenging time.
Download our Year End Tax Planning Guide below.
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