2027, chartered accountant and income tax

Increase in National Insurance Contributions on the Way

Menzies

NOVEMBER 22, 2022

Menzies LLP - A leading chartered accountancy firm. Salary from directorships and employment income is subject to both employee’s and employer’s Class 1 NICs. The rates for 2022/23, and then 2023/24 to 2027/28 are set out below: * Primary NIC threshold is £184 per week for 2021/22 and £190 per week for 2022/23.

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Basis Period Reforms – Do you have sufficient funds?

Menzies

OCTOBER 4, 2022

Menzies LLP - A leading chartered accountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. It may also be beneficial where there has been a less profitable year of trading and the individual is taxed at a lower rate of income tax in one of the following 5 years.

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Increase in National Insurance Contributions on the Way

Basis Period Reforms – Do you have sufficient funds?

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