Guide
Spring Statement 2022
| Yesterday, Chancellor Rishi Sunak announced the 2022 Spring Statement, setting out the Government’s tax and spending plans. Please see below a few key points taken from yesterdays statement. |
Key Announcements
- Increasing the National Insurance Primary Threshold for Class 1 NICs and bringing this in line with the income tax personal allowance of £12,570 per annum, from 6 July 2022.
- Increasing the Lower Profits Limit for Class 4 NICs from 6 July 2022 and bringing this in line with the income tax personal allowance of £12,570 per annum.
- Self-Employed individuals with profits between the Small Profits Threshold (SMT) and the Lower Profit Limit will not pay Class 2 NICs from April 2022, while allowing individuals to be able to continue to build National Insurance credits.
- Employment Allowance increase by £1000 to £5000 from 6 April 2022.
- 50% Business Rate discount for eligible businesses in the retail, hospitality and leisure sectors, from April 2022.
| To read the our full Spring Statement Summary please click the link below. Spring Statement 2022 – Ad Valorem Summary If you have any questions regarding what was outlined in yesterdays announcement, please do not hesitate to contact us: |
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
