Chancellor Rishi Sunak has unveiled the contents of his Spring Statement in the House of Commons. He had been under pressure to help households with the cost of living squeeze, with in the 12 months to February - the fastest for 30 years.
The chancellor announced he would cut fuel duty, raise the threshold at which people start paying National Insurance, and pledged to cut the basic rate of income tax before the next general election. In this blog we discuss the changes to Personal Tax and how this could affect you.
The Chancellor's points in brief:
Supporting the lowest earners to keep more of the money they earn
Changes to Income Tax
Background: What does a July implementation mean for employees and the self-employed?
What this means for employees:
What this means for the self-employed:
As a Business Hut client, we'll keep you updated with changes to tax. Please let us know if you have an immediate questions!
If you have any other questions or we can help you with any accounts or bookkeeping support please get in touch. Email the team firstname.lastname@example.org or call 01858 289 189.
Thanks for stopping by,
Charlotte & The Business Hut Team