NATIONAL INSURANCE CHANGES FROM 6TH JULY 2022
If you operate a payroll and wish to remain under the tax/NI bracket and have other employees (non Directors) on the payroll who earn above £758 monthly as a Director you can now pay yourself £1,047 monthly with no tax or NI and the employers annual allowance should cover the employers NI monthly. If you are a sole Director it is still beneficial to pay yourself £758 per month.
If you are self employed Class 2 NIC for 2022/23 is £3.15 per week and due if your profits exceed £6,725 per year. Class 4 NIC is payable at 10.25% on all profits above £11,909 per year. The higher NI rate for Class 4 NIC is 3% on profits above £50,270.
How to pay your self assessment tax HM Revenue & Customs - (without a Government Gateway account) using your UTR number (unique tax reference number)
How to pay your VAT HM Revenue & Customs - without a Government Gateway account) using your VAT number
What is your VAT registration number? - Pay your VAT - GOV.UK (tax.service.gov.uk) and enter the quarter ended eg Feb 23 is 02 23
How to set up a personal Government Gateway Account HM Revenue & Customs - Most individuals will be required to set this up in the near future
Companies House The Registrar - to search the public register
Grants and funding - West Sussex County Council - West Sussex County Council - Grants and Support
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NATIONAL MINIMUM WAGE RATES
This page contains the Low Pay Commission’s recommendations on the National Living Wage and National Minimum Wage rates which will apply from 1 April 2022. These recommendations have been accepted in full by the Government.
The NLW and NMW rates from 1 April 2022 are:
Rate from April 2022 Current rate (April 2021 to March 2022) Increase
National Living Wage £9.50 £8.91 6.6%
21-22 Year Old Rate £9.18 £8.36 9.8%
18-20 Year Old Rate £6.83 £6.56 4.1%
16-17 Year Old Rate £4.81 £4.62 4.1%
Apprentice Rate £4.81 £4.30 11.9%
Accommodation Offset £8.70 £8.36 4.1%