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Spring Statement

 

The Chancellor made his annual Spring Statement on 23rd March 2022.

Here are some key measures set out in the Government tax plan that may affect you and your business: -

  • The National Insurance Primary Threshold (employees NI) for Class 1 NIC will rise to £12,570 from 6 July 2022 bringing it in line with the income tax personal allowance.
  • The Employment Allowance will be increased from £4,000 to £5,000 from 6 April 2022.
  • There will be a reduction in duty on diesel and petrol by 5 pence per litre. This has already come into effect.
  • Basic rate tax will be reduced from 20% to 19% in 2024.
  • 0% VAT will be charged on energy saving materials such as solar panels, heat pumps and insulation for the next 5 years.

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MPH Accountants

We offer a friendly and professional service to our clients. Our client base is wide and varied ranging from small one-man bands to large limited companies, and our business principle is the same in that each client, no matter what size, has their own individual requirements.

Whitstable - 01227 277 667
Thanet - 01843 230 256
Email: admin@mphaccountants.co.uk