Other storiesSly departure of NI ceiling
The research also revealed that as many people do not expect their employers to offer a pay rise to cover the rise in tax.
In last year’s Budget, Gordon Brown announced an additional contribution of1% of earnings from next month.
Andrew Smith, chief economist at KPMG, comments: ‘A 1% hit may not sound like huge amount to people but it is likely to contribute to a significant slowdown in consumption growth this year.
‘The fact that the majority of the population is unaware of the effect of the change suggests that many have yet to adjust their behaviour. The choice consumers will inevitably face is between borrowing to compensate – which might not prove so attractive as the housing market slows – or having to curtail their spending plans.’
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy