Over the last year we have learnt that corporation tax will increase in 2023 and that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by employers, employees, self-employed and for those with share dividend income.
Personal allowances have been frozen at £12,570, basic rate at £37,700 and the higher rate at £50,270 until 2026.
Chancellor Rishi Sunak has stated the need to “fix" the nation’s finances as the economy emerges from the COVID-19 pandemic, declaring: "Our recovery comes with a cost." On Wednesday we can expect further tax rises to be announced in the Budget to fund the support given for the vaccine rollout, the Furlough and self-employed support schemes.
We will send you full details of any announcements made in tomorrow’s budget next week in our budget special newsletter.