2022 Spring Statement

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.