MISS THE SPRING STATEMENT 2022? WE QUICKLY SUMMARISE BELOW
ACCOUNTANTS IN MANCHESTER
Key measures the Chancellor announced:
🔵 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
🔵 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, from April 2022
🔵 the Employment Allowance will be increased by £1,000 from 6 April 2022 to £5,000, which will benefit around 495,000 businesses
🔵 an immediate reduction in duty on diesel and petrol from 6pm on 23 March 2022, by 5 pence per litre, for 12 months.
For a full debrief on the Spring Statement 2022 visit Gov.uk
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