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Business groups have called on the Chancellor Rishi Sunak to delay a planned increase to National Insurance amid rising prices and a slowdown in recruitment activity.
Make UK, which represents 20,000 manufacturing firms in the UK, called the £12bn tax boost ‘illogical and ill-timed’. They argued that April’s 1.25 percentage point increase to the tax on employees and employers should wait until the economy is on a firmer footing.
The government has announced several tax increases on contractors and employees as it looks to bridge the funding gap in health and social care.
From April 2022, National Insurance Contributions (NICs) for employees and employers will increase by 1.25% along with a matching increase in the tax paid on dividends.
‘Making Tax Digital’ Looms for more Limited Company Contractors.
The Government’s flagship digital tax policy will be extended to include more contractors and limited company directors from April 2022.
Making Tax Digital (MTD) is HMRC’s strategy to make taxes easier and more efficient. But complying with the rules does come with an additional cost for businesses that need to use Government-approved accounting software.
