Spring Statement 2022

Spring Statement 2022

24 March 2022

Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.

Wednesday's announcements included three immediate measures designed to “help people right now”, including cutting fuel duty, scrapping VAT on energy-efficient home improvements, and doubling the household support fund. 

The Chancellor also announced raising the National Insurance contributions (NICs) threshold by £3,000 in line with the Income Tax Personal Allowance, increasing the employment allowance, and, perhaps most notably, cutting the basic rate of income tax to 19% from 2024.

But will it be enough to help households and businesses across the UK meet their skyrocketing costs? Click on our link to find out how the Chancellor’s Spring Statement might impact you.

KEYWORD TAGS: National Insurance SME Tax

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