Monthly Archives: September 2021

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Government Plans for increases in National Insurance

The Government confirmed yesterday that from April 2022, a 1.25% Health and Social Care levy will be introduced.

It is nominally taking the form of a 1.25% increase in National Insurance both for employees (Class 1) and Self-Employed (Class 4) with a similar increase for employers as well.

There will be no further opportunities for saving this levy by using dividends in limited companies as there is also a 1.25% increase in dividend tax rates.

This increase also applies to highest rates possible so that successful companies who reward their directors with dividend income over £150,000 will effectively be paying tax, once corporation tax has been taken into account at 58.85% on that marginal income.

If the planned corporation tax rise to 25% comes in as well, then owner managed businesses in that bracket will then be paying tax at 64.85%. However, there will be undoubtedly other changes between now and the time of full implementation of the increased corporation tax rate and we will keep you posted and continue to optimise your tax planning opportunities.

The rise is ostensibly linked to improving social care so that from October 2023 nobody starting care will pay more than £86,000 in their lifetime and no one with assets less than £20,000 will have to make any contribution from their savings or housing wealth.


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Top 20 Tips for SMEs Guide

We have just come through probably the toughest 18-months any of us have experienced in our business lives.

Thankfully, there has been support available to help us through the crisis. Government schemes including furlough and SEISS, tax deferrals and business loans, have injected money into businesses and have enabled businesses to pay their staff and have held off the squeeze that may follow for many. However, 18 months on and it is still a challenging market.

We have been in the eye of the storm but we are now, hopefully, exiting the storm, which will be challenging in itself, but there are a number of steps that SMEs can take to build a solid platform to help them with the opportunities and challenges ahead.

These are the 3 key areas that SMEs need to focus on:

  • Your cash;
  • Your people; and
  • Your customers.

Without cash, people or customers businesses will fail. Focusing on these 3 vital areas and making informed decisions will provide a platform for businesses to look to the future with confidence.

We have produced a helpful guide, which can find below, with our Top 20 Tips on what you need to be doing right now in your business. The guide highlights the importance of ensuring you have enough cash in the business, the key things you need to do to look after your people and steps you should be taking with your customers.


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Congratulations!

The Martlet Partnership warmly congratulates our Dan White for passing his final exam at AAT Level 3. Dan now moves on to the final phase – Level 4.

Dan, who is an excellent cricketer, celebrated his 21st birthday last week by scoring a century for Littlehampton against Findon – what better way to mark the occasion!


Contact Us

The Martlet Partnership LLP
Martlet House
E1 Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ

Tel.: +44 (0) 1903 600555
Fax.: +44 (0) 1903 600828
E-mail: info@martletpartnership.com

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