The Spring Statement 2022
The key measures include:
- an increase to the National Insurance Primary Threshold for Class 1 NICs and the Lower Profits Limit for Class 4 NICs from 6 July 2022, aligning it with the equivalent income tax personal allowance which is set at £12,570 per annum
- from April 2022, self-employed individuals with profits between the Small Profits Threshold (SPT) and the Lower Profit Limit will not pay Class 2 NICs, while allowing individuals to be able to continue to build National Insurance credits
- the Employment Allowance will be increased by £1,000 from 6 April 2022 to £5,000, which will benefit around 495,000 businesses
- an immediate reduction in duty on diesel and petrol from 6pm on 23 March 2022, by 5 pence per litre, for 12 months.
As always, if you are concerned about anything, please speak to your usual Hillier Hopkins adviser or contact us and we’ll be happy to put you through to one of our friendly experts.
The Budget 2021
The main proposals
Tax measures include:
- A new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23
- A change in the earliest age from which most pension savers can access their pension savings without incurring a tax charge. From April 2028 this will rise to 57
- The retention of the £1 million annual investment allowance until 31 March 2023
- Individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting and payment deadline, following the completion of the disposal.
Other measures include:
- A complete overhaul of alcohol duties that will see drinks taxed on their strength
- The cancellation of the previously announced rise in fuel duties
- Pubs supported with a reduction in draught beer and cider duty
- Increases in the National Living Wage and the National Minimum Wage rates
- An ultra-long-haul band of air passenger duty introduced.
Some Budget proposals may be subject to amendment in the Finance Bill 2021-22. Should you need any further help or support please contact us.