Spring Statement Update!

This is our way of giving you the information from Rishi’s Spring Statement Updates

  • Fuel duty cut by 5p per litre
  • VAT cut on energy saving items
  • Employee NI threshold increase of approx £3k pa to £12,570 in line with income tax threshold from July 2022
  • NI rate increase of 1.25 percentage points still applies from April 2022
  • Dividend tax still increasing by 1.25 percentage points from April 2022
  • Employment allowance up to £5k from April 2022
  • Income tax down to 19% for basic rate tax payers by 2024

In the video we said if you earn less than £34k you’ll be better off but it’s actually approx £41k from July (serves me right for trusting BBC website figures before we recorded the video)

If you’ve got any questions on the Spring Statement Updates or if you’d like to talk about using a digital platform for your accounting, get in touch as we’d love to hear from you.