In addition to the increase in NI rates, it has also been announced that Dividend tax will also increase by 1.25% from 6 April 2022. The new dividend tax rates, which will apply across the UK, are: Basic rate - 8.75% (Currently 7.5%) Higher rate - 33.75% (Currently 32.5%) Additional rate - 39.35% (Currently 38.1%) The 1.25% tax rise will apply to dividends above the tax bands in future years, the government has not yet provided details of the proposed tax bands for 2022-23.
The temporarily reduced rate of VAT ( Currently 5%) in the Tourism & Hospitality sector is increasing on 1st October 2021. Current Rate - 5%
From 15/07/2020 - 30/09/2021 New rate - 12.5%
From 01/10/2021 - 31/03/2022 For any further information on this and how it affects you and you business, get in touch and we will be happy to help Pete
PJL Accounts Ltd
Pete@pjlaccounts.co.uk #VAT #UKTAX #VATINCREASE #hospitality #Tourism #accountant #pjlaccounts