Leeds Accountants Offer Guidance On Upcoming Changes To Health And Social Care Tax
Leeds-based accountants Leon & Company are offering guidance to individuals and businesses in light of an important tax update regarding the increase in National Insurance (NI) for employees, employers, directors and the self-employed in England.
The chartered accountants are keen to raise awareness of the upcoming changes and offer advice to those that need it.
From April 2022, National Insurance contributions will go up by 1.25% in order to raise an extra £12bn a year to deal with mounting pressure on an over-burdened NHS. An estimated 5.3 million people are now waiting for routine operations and procedures across England in a backlog created in part by the coronavirus pandemic.
Then from April 2023 National Insurance will return to its current rate, and the extra tax will instead be collected as a new Health and Social Care Levy.
Darren Stone, partner at Leon & Company Chartered Accountants, said: “We are beginning to see queries regarding the upcoming tax changes from both individuals and businesses.
“It is important that if people are unsure on what the upcoming changes will mean for them or their business, they ask us or their local accountant for advice or information about any support available.
“These are still very uncertain times, and we are here to offer advice and offer support to anyone who needs it.”
The upcoming tax increase is not without criticism; there are concerns that the rise will have a greater impact on lower-paid workers or those just about managing to cope financially.
To learn more about the latest tax updates, visit leonandcompany.co.uk.
