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Spring Statement

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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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