Spring Statement Round-up
The Chancellor presented his Spring Statement in March. In his speech, he provided an update on the economy and responded to the Office for Budget Responsibility forecasts.
The Spring Statement reaffirms fundamental taxation changes which will affect business and personal lives for the tax year 2022/23. In addition, he launched consultations on various aspects of the tax system together with updates on earlier consultations.
Key measures the Chancellor announced as part of the plan 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
- changes to R&D Tax Reliefs confirmed, taking effect on the 1st of April 2023, targeted at growing innovation within the UK.
The full detail on all the measures, some of which are subject to parliamentary approval, can be found here
And if you would like to know more about the changes to R&D Tax Reliefs, have a read of Roger’s recent blog
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