Spring Statement 2022

• An increase to the National Insurance Primary Threshold and Lower Profits Limit from £9,880 to £12,570 from July 2022
• Income tax to be cut to 19% from April 2024 – the first reduction in 16 years
• A 5p per litre cut on petrol and diesel duty for a period of twelve months
• Business rates relief worth over £7 billion over the next five years
• Increasing the Annual Investment Allowance from £200,000 to £1 million until 31st March 2023
• Employment Allowance rising from £4,000 to £5,000 from April 2022, representing a tax cut of up to £1,000 for half a million small businesses

The entire Spring Statement document can be downloaded at the following link, but if you have any further questions then please feel free to drop us an email at hello@ndconsultancy.net or book a meeting via the Contact page