Spring Budget Announcement
With the increasing costs of living the chancellor tried to help us out, despite his best efforts he has limited room for manoeuvre at the moment, here are his main announcements:
Fuel duty has been cut by 5p per litre until March 2023
VAT on home energy efficient materials reduced from 5% to zero for 5 years
The threshold at which employees start to pay Class 1 national insurance has risen by over £3,000 and will for the first time since 2007/08 be the same as the income tax threshold. This does not apply to the self-employed Class 4 contributions, however the amount of profit needed for Class 2 contributions to be charged, will be raised to the same as the Class 4 level
He also announced a possible 1p reduction in the basic rate of income tax starting in 2024
Depending on how our economy and inflation is psuhing along later in the year we may well see some different annoucemnets at the Budget in November.
We will keep you updated.