The Growth Plan: 23rd September 2022

The October 2021 Budget increased National Insurance Contributions (NIC) for everyone by 1.25 percentage points from 6 April 2022. This NIC increase will be converted into the Health and Social Care Levy from April 2023, which will also apply to individuals over state pension age who are still working. However, in the March 2022
Spring Statement, the Chancellor increased the thresholds where NIC bites for employees and the self-employed, with effect from 6 July 2022.

Personal tax allowances and income tax bands have been frozen, which will effectively raise taxes by the operation of inflation. State pensions and benefits have risen by 3.1%, but the current average rate of inflation (for March 2022) is 6.2%, with road fuel, electricity and gas increasing by much more. There is pressure to raise wages, so anything you can do to keep your employees happy will help your business.

This guide highlights 50 ways in which you can currently use certain tax reliefs to your advantage, and how to avoid some of the tax penalties. It can help you navigate the complexity of certain tax rules and create more tax-efficient plans.