As you may be aware, the Chancellor, Rishi Sunak has announced the Spring budget. The key changes that may effect the clients of our practice are detailed below.
- The Chancellor announced the first cut to the basic rate of income tax in 16 years – from 20% to 19% – by the end of Parliament in 2024
- Fuel duty will be cut by 5p a litre from 18:00 GMT until March 2023
- The National Insurance threshold will be raised by £3,000, meaning people must earn £12,570 per year before paying income tax or NI. The Chancellor said it’s a tax cut for 30 million people worth over £330 a year.
- VAT will be scrapped on home energy-saving measures such as insulation, solar panels and heat pumps
- The Household Support Fund for local councils to help the most vulnerable will be doubled to £1bn from April
- Retail hospitality and leisure sectors will have a 50% discount in business rates up to £110,000
If you have any questions regarding the information above then please do get in touch.