The Chancellor presented his Spring Statement on Wednesday the 23rd of March 2022. In his speech, he provided an update on the economy and responded to the Office for Budget Responsibility forecasts ...
Download our handy PDF guide to the Chancellor's Spring Statement 2022!
The Spring Statement reaffirms fundamental taxation changes which will affect business and personal lives for the tax year 2022/23. In addition, he launched consultations on various aspects of the tax system together with updates on earlier consultations.
Key measures the Chancellor announced as part of the plan include:
an increase to the National Insurance Primary Threshold for Class 1 NICs and the Lower Profits Limit for Class 4 NICs from 6 July 2022, aligning it with the equivalent income tax personal allowance which is set at £12,570 per annum
from April 2022, self-employed individuals with profits between the Small Profits Threshold (SPT) and the Lower Profit Limit will not pay Class 2 NICs, while allowing individuals to be able to continue to build National Insurance credits
the Employment Allowance will be increased by £1,000 from 6 April 2022 to £5,000, which will benefit around 495,000 businesses
an immediate reduction in duty on diesel and petrol from 6pm on 23 March 2022, by 5 pence per litre, for 12 months
The full detail on all the measures, some of which are subject to parliamentary approval, can be found on the gov.uk website, by clicking here.
Until next time ...
ROGER EDDOWES Business Godparent
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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