NIC - oh dear

Oh dear - has anyone done the maths on the increase widely reported as 1.25%?

The rate has increase by 1.25% e.g for employees from 12.0% to 13.25%

That is an increase in NIC payable of 10.04%! Its massive!

This has not really been publicised in the media!

For employers it is an increase from 13.8% to 15.05%

That is an increase in NIC payable of 9.05%! Its massive as well.

For the self-employed it is an increase from 9.0% to 10.25%

That is an increase in NIC payable of 13.88%! Its massive as well!

That is why billions of £ are going to be raised by the Government.

This all kicks in from April 2022.

If you are in business or self employed increased costs will directly reduce profits.

So what might you do about it? Discuss with me how we can help you improve your business.

B.Wright & Co.