Highlights for business in the Chancellors Statement and commentary by Walker Thompson.
1) Fuel Duty reduced by 5p per litre – with fuel at its highest ever prices
no changes are made to the tax free mileage rates which have been at 25p and 45p for a long time
2) National Insurance lower limit is to rise in July to £12,570 –
Directors on minimal salary + dividend packages may need to revise their salary
to ensure continued benefits
3) VAT on tourism and hospitality to return to full rate from April
4) Changes to Research & Development to allow previously exempt
costs – the SME scheme will be barely touched whereas large companies will
benefit
5) Employment Allowance which gives relief against payroll costs has
been increased to £5,000 from
April 2022 – this is classed as State Aid and
could impinge on certain other grant type claims
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