Self employed warned of national insurance hike
The Government is facing a new challenge surrounding tax as a report by Pinsent Masons found a record number of people have rescheduled their payments.
Around 850,000 taxpayers are now in Time to Pay arrangements, up 38 percent from a year ago, equating to £100billion in overdue tax which is yet to be covered. This comes as Chancellor Rishi Sunak eyes up potential tax reforms to raise funds after the pandemic.
Speculation that Mr Sunak could opt for a short term rise in national insurance contributions for the self-employed is rife, with one expert warning the Government will have to raise taxes. Mark Collins, Head of Tax at Handelsbanken Wealth Management, is one such expert who said: Ultimately the government will need to raise taxes at some point.
The government cannot rely on a pr...
