Headline announcements
Following on from the statement made a few moments ago by the chancellor, Rishi Sunak, here are the headline announcements:
- The NI threshold will increase by £3,000, meaning people must now earn £12,570 before paying NI, saving employees around £330 a year
- Income tax rate to be reduced by 1% to 19% by the end of Parliament 2024
- Fuel duty to be cut by 5p per litre from 6pm tonight, saving around £3.30 off the cost of filling a tank on the average family car
- VAT to be scrapped on home energy saving measures,such as insulation, solar panels and heat pumps
- Retail and Leisure industry to get a 50% cut in business rates, capped at £110k
- Other planned National Insurance rises announced last year are still to go ahead
- Employers NI Allowance has been increased by £1,000 to £5,000 from 6th April 2022
Once we know more we will send full details or as soon as more information or specifics are released.
If you’re looking for a accountancy company who will keep you up to date with all the financial information you need to know get in touch with Zoo Accountants, Alcester.
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