The Spring Budget 2022
Our 2022 Spring Budget summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments.
If you have any questions, please do not hesitate to contact us for advice.
Rishi Sunak presented his Spring Statement on Wednesday 23 March 2022. So, what exactly did the Chancellor say and, more importantly, what did it actually mean?
The Chancellor responded to the Office for Budget Responsibility’s economic forecasts, as well as reaffirming the fundamental taxation changes which will affect businesses and individuals in the new tax year. We have included informative comments to help you assess the likely effect that the proposed changes may have on you personally and their significance.
In our summary, we provide an outline of the main areas of taxation covered in the Spring Statement. We have also included our observations on the more important changes, together with any planning points that may arise. In addition, we have included a detailed calendar of the most important dates for 2022/23 that will help you with tax planning ahead of time.
We hope the summary will provide you with a useful update and allow you to get to grips with the changes. If you have any questions in understanding how the changes to tax affect you, please do get in touch.
Please see below the main highlights of the budget
Fuel duty for petrol and diesel
In his Spring Statement, 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.
National Insurance contributions (NICs).
The Chancellor will lift the starting thresholds for National Insurance contributions (NICs). He also pledged a cut to income tax in 2024.
Health and Social Care Levy
The Health and Social Care Levy will still be implemented in April 2022.
For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of green technologies and help with training and the adoption of digital technology.
Full Spring 2022 Budget Summary
Please see our full breakdown of the 2022 Spring Budget summary here Spring Budget 2022