Calling all employers: it’s that time of the year when the 2022/23 employment tax year changes are about to commence.
At the start of the tax year (6 April 2022) the National Living Wage (AKA National Minimum Wage) is going up to £9.50 an hour, if your employee is aged 25 or over. Other rates are also in operation.
The personal allowance is remaining at £12,570 and the Basic Rate ceiling stays at £50,570.
The National Insurance starting level for employees has now been restored to the income tax starting point of £12,570 but due to the 11th hour nature of the announcement this only starts from 6 July 2022. However the employer threshold is £9,100 but at least the employer’s allowance has increased to £5,000.
All the key rates are available on our popular tax cards. They contain more than just the 2022/23 employment tax year changes.
All employers need to be aware of these changes – hence our call to you! The 2022/23 changes for the tax year are just another worry for you. However if there is any way we can help you then please get in touch.