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1. National Insurance Changes Effective 6th November 2022 |
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1.1 Reduction in the Rate of National Insurance Contributions from 6th November 2022 |
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As announced by the government 22nd September 2022, the rates of National Insurance Contributions (NIC) will be cut by 1.25 percentage points for employees, employers and the self-employed, effectively reversing the temporary uplift introduced in April 2022 for the rest of the tax year. This cut will take effect from 6 November 2022 and it will cover Class 1 (both employee and employer), Class 1A , Class 1B and Class 4 (self-employed) NICs The introduction of a separate Health and Social Care Levy tax in April 2023 has also been cancelled. axis payroll has been updated to reflect these new rates and you must install a software update for your axis payroll system before running your payroll for pay dates on or after 6th November 2022. Print Payslips has also been modified to remove the NHS, health & social care message for Pay dates on or after 6th November 2022. |
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