Today Chancellor Rishi Sunak announced the Government's 2022 Spring Budget, which included various things that will affect businesses and individuals. We have summarised what you need to know below:
Cutting fuel duty by 5p per litre
The cut is in place from 6 pm on 23rd March 2022
The cut will last for the next 12 months
Increasing Employment Allowance from £4,000 to £5,000
The employment allowance is a relief that eligible businesses can use to reduce the amount of Employer's National Insurance contributions that they need to pay each year
This is an increase of £1,000 from the 2021/ 2022 tax year
This will be in effect from 1st April 2022
Increase of the National Insurance threshold
The National Insurance threshold will be increased in line with the tax threshold to £12,570 per tax year
This will be in effect from July 2022
Decrease of Basic Rate of Income Tax
The basic rate of Income Tax is to be reduced from 20% to 19%
This will be in effect from 2024
You can read all about what has been announced today by going here.
We will be releasing a video very soon explaining everything that is changing from April 2022 and in the future on our YouTube channel so make sure you subscribe to our channel and turn on post notifications!