If you have been keeping up with announcements from Downing Street, you will know that from April 2022 the hybrid rates of Income Tax on dividend income are increasing by 1.25 percentage points. The changes from April 2022 are: The first £2,000 of dividends received are free of any additional tax charge, no change here.…
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Dividend tax increase 2022
As well as increasing National Insurance contributions from April 2022 – the 1.25% increase announced earlier this month – the Treasury also increased the hybrid income tax rates applied to dividends received, by the same amount and from the same date. The changes from April 2022 are: The first £2,000 of dividends received are free…
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HMRC warns students of tax scams
HMRC is warning university students new to the world of working to be wary of potential scams. With higher numbers joining university, we are likely to see more students take on part-time work. As many young people may be unfamiliar with HMRC and legitimate contact from the department could make them vulnerable to scams. There…
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NIC and Levy high jinks
No surprises when the Prime Minister announced a hefty 1.25% increase in NIC Class 1 and Class 4 rates from April 2022. The announcement was widely predicted. Effectively, this is a tax increase on earnings (employed or self-employed) and on costs for employers. It is odd that a 1.25% increase in Income Tax would have…
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