Good luck to HMRC, tax advisors and tax agents implementing and dealing with the new Health and Social Care Levy.
At first this will be as a 1.25 percentage point increase in National Insurance.
From April 2023 National Insurance will return to its current rate, but a new health and social care tax will be introduced at a rate of 1.25% - making up for the change to National Insurance.
On wage slips it will appear as a "Health and Social Care Levy".
The levy - unlike National Insurance - will also be paid by pensioners who work.
People who earn under £9,564 don't have to pay National Insurance or the new levy.
Tax does have to be taxing.
Tax Investigation Insurance
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
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