Late last month Chancellor Sunak revealed his Spring Statement in the House of Commons.
With the cost of living rising daily, property prices at an all-time high and fuel and energy costs set to rise, what impacts are all these issues going to have on your business?
A significant part of his statement included “The tax plan” designed to improve living standards and support business and investment in future growth. So, after his delivery of the Spring Statement, are you any wiser as to what this may mean for your business?
Examples of the main tax changes coming into effect in 2022 include:
- National Insurance Contributions – From 6th July, the threshold of NICs paid rises to £12,570.
- Businesses who use plastic packaging imports will be hit with a tax from April 2022
- Digital for VAT compliance. If your business is VAT registered and has a turnover of £85,000 you are required to switch over to a digital platform.
- For property developers that have an annual turnover of more than £25m, a new Residential Property Developer Tax will apply from April 2022.
- The good news is that the Annual Investment Allowance will stay untouched until 2023
In these times of uncertainty, managing your tax affairs, tax compliance, bookkeeping, and accountancy needs can be daunting, time-consuming and downright confusing.
With further tax changes coming down the tracks for 2023, 2024, and beyond, it is easy for you to take your eye off your business to try and demystify how this will impact you, your business, and your employees.
If you would like advice on how to action any of the points shown in this blog or would like to sit down with us to talk through your own needs, please contact Nick at Rawlings & Co. We will set some time aside for you and discuss further any next steps required.
Contact Nick at: [email protected] or Tel 01208 850729.
