This week the Chancellor delivered this year’s spring statement – this was initially intended to be a spending style announcement but following the price of energy increasing to high levels, it did include a little tax.
Here is a summary of what to expect for the 2022/23 tax year – some of the things are not new but I thought it important to remind everyone!
- An increase in the National Insurance threshold to £12,570 from 6th July
- The planned increases in National Insurance will continue from 6th April
- A planned increase in corporation tax from 2023 for some companies continues
- New temporary loss reliefs for companies and the ‘super deduction’ for qualifying capital expenditure continue
- The standard rate of Vat for hospitality resumes
- No changes in tax allowances
- Increased wages as previously published