Last week’s Budget saw a number of announcements that will impact on individuals, most notably the National Insurance increase to pay for social and health care.
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12bn a year to support the NHS and social care.
For the months of August and September, the CJRS Furlough grant support from the government via HMRC reduces to 60% of the employee’s usual pay for hours not worked.
Your personal allowance and NIC rates may have been frozen, but there are some important considerations that need to be made if you’re going to get the full benefit from your tax planning.
The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 1 January 2022.
Certain property business owners are liable to class 2 NICs