Fuel duty
As widely expected before the official announcement today, fuel duty has been cut by 5p per litre has taken effect from 6 pm on 23 March, 2022 and will remain this way for 12 months. This is likely to save £3.30 on a typical fuel tank at today’s prices.
National Insurance
The threshold before you pay National Insurance will increase by £3,000 to £12,570 in July. This threshold is now the same as the personal allowance and will be worth £330 per year in tax savings.
Income tax
Not for now, but one for the future, Mr Sunak pledged to cut the basic rate income tax from 20p to 19p before the end of this Parliament in 2024.
Small businesses
The Employment Allowance, which gives relief to smaller businesses’ National Insurance payments, will increase from £4,000 to £5,000 in April.
Homeowners
Those with energy-efficient materials such as heat pumps, solar panels, and insulation will not pay VAT on the installations.
Anthony Burrell is the Tax Director at Golding Accountancy, specialising in personal tax, compliance, and tax planning. He works closely with business owners and landlords, helping them navigate complex tax rules and ensure they pay the right amount of tax. Anthony is particularly experienced in advising property investors. Outside the office, he is a dedicated West Ham supporter and has been a Season Ticket holder for over 40 years. Anthony often recommends Dext to clients for simplifying bookkeeping and financial processes.
