The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth.
The rise will see employers, employees and the self-employed pay 1.25p more in the pound from April 2022. From April 2023, the extra tax will be collected as part of the new Health and Social Care Levy.
Prime Minister Boris Johnson and Chancellor Rishi Sunak recently confirmed the rise, stating that it ‘must go ahead’.
The CBI said that the rise risks ‘curtailing growth at a critical moment in the recovery‘ from the coronavirus (COVID-19) pandemic.
We are running an online webinar on Friday 11 March at 10 am. We will be sharing an update on business tax and National insurance – click here to book on.
If you would like to discuss the impact of the national insurance rise, please get in touch with us. You can call us on 0115 928 3228 or email info@coalesco.co.uk.
