Adam’s technical

Adam’s technical

The Spring Statement was announced by the Chancellor last month.  The main financial points were as follows:

• Fuel duty was reduced by 5 pence per litre from the 23 March 2022 at 6pm. This reduction in fuel duty is for one year.

• The employee National Insurance contribution primary threshold will increase to £12,570 from July 2022. This is the same figure as the income tax-free personal allowance.

• The self employed National Insurance contribution lower profits limit has been increased to £11,908 from April 2022.

• The National Insurance contribution employment allowance, for smaller employers only, is £5,000 for the 2022/23 tax year.

• The employee and employer 1.25% National Insurance contribution increase from April 2022 will be replaced by a Health and Social Care Levy next April.

• VAT on energy saving materials will cease between April 2022 and April 2027. This includes insulation, solar panels and wind turbines.

• It was also announced that the basic rate of income tax will reduce from 20% to 19% in April 2024.