Against a backdrop of rising costs and inflation Rishi Sunak’s Spring Statement focused on easing the burden for families and businesses. Our friends at Goodman Jones have provided a summary of the key points and their report can be read/downloaded below.
The previously announced rises in National Insurance contributions remain but are sweetened a little by an increase in the starting thresholds for employees and the self-employed. There is no such sweetener for employers as employers’ National Insurance thresholds are not affected, but those eligible for the Employment Allowance will get an extra £1,000 as this is to increase from £4,000 to £5,000 for 2022/23.
Other measures announced include:
- A temporary 12 month decrease in fuel duty. This will benefit individuals and businesses alike and go some way to helping with the spiralling costs of fuel.
- A review of the capital allowances system in advance of the Autumn budget.
- Confirmation that the government is considering improving the effectiveness of the R&D tax regime.
- And finally, we were promised a 1% drop in the basic rate of income tax, but not until 2024.
Check out the full summary below:Goodman-Jones