At the beginning of the week, we welcomed new King Charles III. At the end of the week we're asked to welcome another King. Cash in people's and businesses' hands is clearly the new King!
Apart from increasing their salaries, what affordable initiatives can you take to help alleviate your employees' cost of living increases?
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Today the Chancellor was forced to doing something about the increases in cost of living. Hence, the fuel duty cuts, employee and self employed threshold national insurance increases but not too much else.
If people are still not feeling spring-like, the promise of a 1% cut in the income tax rate from April 2024.
Dig in a bit further and you decide:
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April 2022 is the first in a series of important annual April tax changes:
- April 2022 - increase in national insurance and dividend tax by 1.25%
- April 2023 - increase in corporation tax from 19% to 19%/26.5%/25%
- April 2024 - MTD for income tax for sole traders and landlords with sales/rents over £10k
- April 2025 - MTD for partnerships and LLPs without a corporate partner
For now, we're focussing on the forthcoming April 2022 change and how you may want to react. Firstly, let's look at how much this might cost you:
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