On 23 March 2022, the Chancellor Rishi Sunak presented his first Spring Statement covering the economic forecasts and fundamental taxation changes likely to affect businesses and individuals.
The Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses.
In the coming tax year, he will lift the starting thresholds for National Insurance contributions (NICs). From April 2024, he also promised a cut to income tax. However, the Health and Social Care Levy will still be implemented in April 2022.
The Chancellor announced a UK wide, time-limited zero rate of VAT from April 2022 for the installation of energy saving materials. This will apply to installations such as rooftop solar panels.
For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of green technologies. This will also take place from April 2022, a year earlier than planned.
Our summary provides an overview of the key points mentioned in the speech, but also looks further into the main headlines to review the detailed changes which could affect you or your business.
If you need assistance or guidance regarding any of the changes announced, please speak to your usual Lubbock Fine contact or get in touch.