New Tax Year — Key changes for 2022 you need to know about

As we move into the new tax year, 2022/23 may be particularly tough on our finances. Here are five key changes.

National Insurance increase

National Insurance rates rise by 1.25 per cent from 6 April 2022 to fund health and social care.

National Insurance thresholds

The lower earnings limit increases from £9,880 to £12,570 from July 2022, benefiting around 30 million people.

Dividend tax rates to increase

An additional 1.25 percentage point rise applies from April 2022. The £2,000 dividend allowance remains.

National Minimum Wage increase

For employees aged 23+, the rate increases from £8.91 to £9.50 per hour from April 2022.

This is not legal advice; it is intended to provide information of general interest about current legal issues.