Spring Statement Key Measures
Rishi Sunak delivered the Spring Statement on Wednesday 23rd March 2022, here are the key measures plus the link to the documents and full video for more detail
- An increase in the starting NIC threshold for individuals, this will rise from £9880 on 6th April to £12570 on 6th July effectively aligning NI with the income tax personal allowance
- An increase in the Employment Allowance to £5,000 from 5th April 2022. This is used to offset Employers NIC cost
- The income tax rate will decrease to 19% (from 20%) but not until 6th April 2024
- Fuel duty has been cut already by 5p per litre for 12 months from 23rd March 2022
- For businesses and individuals wanting to donate money to help those suffering in Ukraine, there are a number of charities providing humanitarian relief. Ideally this should be done via the Disasters Emergency Committee (DEC) Appeal at dec.org.uk/. Remember to tick the Gift Aid box on your tax return to increase the donation by 25%.