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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BIG welcome to Alan!
Alan has been in the accountancy profession for over thirty years. During that time, he has accumulated a vast wealth of experience of most business types and dealt with client entities both small and large. We welcome Alan to our Accounts Team where he will be undertaking tasks such as client bookkeeping, VAT returns, preparing accounts, and completing Construction Industry Scheme returns.
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Support your network
It’s a certain fact that things are tough in the world at the moment; bombs landing on innocent people, people struggling to buy food, and the list goes on. But as business owners, we must keep strong and keep our wits about us. Small businesses are the backbone of the UK, and the UK needs us. So let’s do our bit in heading the challenges straight on. It’s certainly not easy, so seeking support from your network is so important. The adage ‘a problem shared is a problem halved’ is one that I see daily.
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Dom Muscat on The Red Sofa
Dom talks about property, business development and flexible workspace solutions in Milton Keynes
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Are we normal?
For many businesses coming out of lockdown in recent months the question has been “Are we back to normal now?”
In some sectors not much will have been so different over the last 2 years, food needed to be delivered to grocery stores, bins needed to be emptied, laundry needed to be washed. Maybe, those strict ‘cleaning stations’ have been brushed aside now that the virus
has subsided.
Trends, trajectories and sustainable truisms. Who’s looking at this kind of trend for you?
In the early 1980s, a gallon of petrol crossed the 70p price barrier and everyone thought the world would come to an end. Just a few short years later, crisps breached 10p a bag and the grocery trade predicted the end of independent convenience stores. In fact, new generations of shoppers didn’t know any different, so they drove their cars and ate crisps regardless.
Continue reading…Why Xledger?
Essendon began using the Xledger accounting solution 10 years ago and has been in partnership ever since.
So what does Xledger provide?
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