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Autumn Budget 2022

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Autumn Budget 2022

Chancellor Jeremy Hunt has announced the Autumn Budget 2022. The key points are as follow:

  • Minimum wage for people aged over 23 will increase from £9.50 to £10.42 an hour from April 2023
  • Income tax personal allowance and higher rate thresholds frozen for a further two years, until April 2028
  • Main National Insurance and inheritance tax thresholds also frozen for a further two years, until April 2028
  • The 45% additional higher rate of income tax will be paid on earnings over £125,140, instead of £150,000. This excludes Scotland
  • Tax-free allowances for dividends and capital gains tax are also due to be cut next year and in 2024
  • State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation.
  • Local councils in England will be able to increase council tax up to 5% a year without a local vote, instead of 3% currently.

Given the freezes on tax thresholds until 2028 and reduction in tax-free allowances for dividends and capital gains tax, this will certainly increase tax on individuals and businesses in the coming years.

It is more important now than at any time in the previous 10-15 years to look at your financial position and try and safeguard for your future.

Feel free to contact the team at MPH Accountants. In addition to tax advice from our accountants, we also have a wide network of other Finance professionals ranging from Financial Advisors, Business Coaches, Commercial lending, Mortgages etc.

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