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The new tax year, 2022/23, brings the start of the 1.25% rise in dividend and National Insurance Contribution (NIC) rates announced in September 2021 to help fund the NHS and social care.
In addition to this, rising inflation is expected to put pressure on many people’s finances this year. However, growing economic activity will provide some opportunities for increased earnings, although these may result in higher tax liabilities.
So far, the government have avoided raising taxes to pay for the huge sums it spent on Covid-19 measures but has relied mainly on stealth measures - freezing most tax allowances and income bands until 2025/26 - together with a 6% increase in corporation tax from April 2023. Whether that will be enough remains to be seen and future tax rises remain possible.
With these changes, it is now more than ever, important to make the most of the reliefs and allowances while they are still available. This guide offers some advice on the principal opportunities you should consider and forms the basis of a good financial plan to complete the tax year.
With ideas affecting income and investment, for couples, company directors, employees, and the self-employed, there are takeaways for everyone.
If you would like further advice on any of the topics covered in this guide, or to discuss how they affect you, please contact Amal Shah or a member of our tax team today at email@example.com.
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