The key announcements from the March 2022 budget are summarised below. If you would like to discuss any of the points and its practical implications for you and your business, please get in touch.

The Chancellor’s statement, or Growth Plan, designed to boost economic growth was announced yesterday, providing the biggest tax cuts since 1972. A summary of the main points are:

The key announcements from the March 2022 budget are summarised below. If you would like to discuss any of the points and its practical implications for you and your business, please get in touch.

National Minimum Wage

From 1 April 2022, the National Minimum Wages changes to the following amounts, dependent upon the employee’s age:

31 JANUARY 2022

Deadline for 1st payment on account for 2021/22 tax year.

The Chancellor used his Budget this week to outline the Government’s plans for boosting the economy as the nation looks to recover from the financial effects of the pandemic.

The key announcements from this budget are summarised below. If you would like to discuss any of the points and its practical implications for you and your business, please get in touch.

Personal Tax

The amount that an individual can earn before paying income tax increases on 6 April 2021 to £12,570 (from £12,500). The threshold for higher rate income tax (40%) increases to £50,270 (from £50,000).

31 JANUARY 2021

Deadline for 1st payment on account for 2020/21 tax year.

The Chancellor used his Budget this week to outline the Government’s plans for continuing to support businesses with COVID-19 support packages, as well as the future plans for taxation.

The previously announced Job Support Scheme, that was planned to be introduced from 1 November 2020 to replace the Coronavirus Job Retention Scheme (CJRS), has now been withdrawn and the CJRS has been extended from 1 November 2020 until 31 March 2021.