Spring Statement 2022

Some highlights:

  • Predicted growth in UK economy this year scaled back from 6% to 3.8%
  • Inflation to average 7.4% in 2022
  • Additional 1.25% national insurance charge unchanged
  • Reduction in fuel duty of 5p per litre (worth 6p including VAT) for 12 months (coincidentally roughly equal to the additional VAT collected per litre on the increased price of petrol over the last 12 months)
  • NIC starting point to be increased by £3,000 to align with personal allowance (reducing impact of NIC hike on the lower paid)
  • 1p reduction in basic rate of income tax promised for 2024
  • Frozen personal allowance until 2026 (announced in 2021 Budget) means significant tax increases as earnings rise on inflationary pressure
  • The employment allowance (a credit against the national insurance payable by small employers) will increase by £1,000 to £5,000 from April 2022, reducing the impact of the 1.25% increase in employers NIC
  • Changes previously announced to student loan repayments to remain, with lower income threshold and longer repayment terms

If you would like to discuss any of the above please call your usual contact at Corrigan or email richard.bunker@corrigan.co.uk.

Spring Statement 2022

Our broad client base includes technology start-ups, business owners, international groups and non-profit making organisations. Whether you're an entrepreneur who needs advice with a new venture, an established business looking to make some changes, or a not-for-profit organisation seeking a more engaged accountant, we are here for you.

We see ourselves as an integral part of the businesses and larger communities which we serve, playing our part in a responsible and ethical way. This community ethos is woven into the fabric of Corrigan – ours is a small team of skilled and motivated accountants, building relationships at the regional, national and global level.

We're passionate about what we do. You'll find that we are as driven as you when it comes to striving for the best. Every service is tailored to meet your needs, offering you innovative and pragmatic solutions to whatever challenges you face.

Talk to us – we'd love to collaborate with you.