From today your National Insurance contributions may increase as the Health and Social Care Levy comes into effect, this is in place until April 6th, 2023, where the levy will become a separate new tax of 1.25%.
National Insurance contributions will go back down to 2021 and 2022 levels.
HMRC has asked that payslips include a message to say "1.25% uplift in NICs funds NHS, Health & Social Care."
If you are an employer, self-employed, an employee, or an employee above Station Pensions age from April 2023 and fall under any of these categories: Employer Class 1, employee Class 1, Class 1A, Class 1B and Class 4, National Insurance contributions will increase, for one year, by 1.25 percentage points.
You will not be affected by these changes if you’re above State Pension age and are not an employee or self-employed.
For more information swipe through the slides, or alternatively pop us a message and see how we can help!
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