Yesterday the chancellor, Rishi Sunak, divulged important infomation on the health of the UK economy in his Spring Statement update.
Gow and Partners are here to support you and your business in understanding and navigating the announced changes
Income Tax – The basic rate of income tax will be slashed from 20% to 19% as of 2024.
National Insurance – the new national insurance contribution threshold will be raised by £3,000 to £12, 570, coming into effect from July. This equates to a £6bn personal tax cut for 30 million people across the UK, worth upwards of £330 a year.
Fuel Duty – a cut of 5p a litre will take effect from 6pm GMT tonight, until March 2023. This will take £3.30 off the cost of filling a typical 55-litre family car.
VAT – homeowners installing energy-efficient home improvements such as solar panels, heat pumps, or insulation will no longer be required to pay any VAT.
Employment Allowance – the allowance has been increased from £3,000 to £5,000, equating to a tax cut worth up to £1,000.
We will be publishing bite-size breakdowns of our report in the upcoming week, so be sure to stay tuned for that.
For a more extensive overview please view our full report on the Spring Statement 2022.
Talk to our highly skilled team of accountants today to find out how these measures could affect you and your business.
Simply call 01254 589799.