2022 Spring Budget Statement Highlights
- By Ross Brinsdon - TLA
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- 23 Mar, 2022
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The highlights of the 2022 Spring Statement were:
- Fuel Duty reduced by 5p per litre
- National Insurance threshold increased in line with income tax to £ 12,570
- 0% VAT for Solar Panels & Green Technologies
- Increase in Employment Allowance to £ 5,000
- Household Support Scheme for Local Authorities doubled to £1bn of funding
- Reduction in Income Tax from 20% to 19% from 1 April 2024
We will be posting more detailed information regarding the changes summarised above shortly.
Please feel free to contact us on 01934 440157 or email us at hello@thelocalaccountant.co.uk with any queries.
If you’re part of a working household that receives tax credits, you may be eligible for a new one-off payment of £500. The new payment is being introduced to provide extra support when the temporary increase in Working Tax Credit ends as planned on 5 April 2021.
You may get a one-off, tax-free payment of £500 if, on 2 March 2021, you were getting either:
- Working Tax Credit
- Child Tax Credit and were eligible for Working Tax Credit but you did not get a payment because your income is too high to get Working Tax Credit payments
You do not need to contact HMRC or apply for the payment. HMRC will contact you by text message or letter in April 2021 to confirm you are eligible.
If you are eligible, you should get your payment direct to your bank account by 23 April 2021. HMRC have confirmed that you will not see the payment on the online tax credit service.
The payment is non-taxable and will not affect your benefits. You do not need to declare it as income for Self-Assessment tax returns or for tax credit claims and renewals.
