spring statement Archives - WRLO Accountants

No further tax increases in Spring Statement

WRLO Accountants — Tue, 01 Apr 2025 09:37:04 +0000

Chancellor Rachel Reeves announced ‘no further tax increases’ in the 2025 Spring Statement. The Chancellor’s Autumn Budget contained a record £40 billion in tax increases. However, it did not raise personal taxes including, Income Tax, employee National Insurance contributions or VAT. Ms Reeves had pledged one fiscal event a year and confirmed that no taxes would be raised at the Spring Statement. Instead, the Chancellor made a number of announcements on spending and economic forecasts. The forecast from the Office for Budget Responsibility (OBR) halved the UK’s growth in 2025 from 2% to 1%. However, Ms Reeves pointed out that the Organisation for Economic Co-operation and Development (OECD) downgraded this year’s growth forecast for every G7 economy. The OBR forecasts show that inflation will average 3.2% this year before falling ‘rapidly’, meeting the Bank of England’s 2% target from 2027 onwards. Ms Reeves said that defence spending will increase to 2.5% of GDP, by reducing overseas aid. This means an extra £2.2 billion for the Ministry of Defence in the next financial year to address ‘increasing global uncertainty’. The government will spend a minimum of 10% of the MoD’s equipment budget on innovative technology, boosting production in places such as […]

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April 2022

WRLO Accountants — Tue, 05 Apr 2022 16:28:16 +0000

In this month’s Enews we consider the major announcements from the Chancellor’s Spring Statement. We also update you with the latest economic growth forecasts and the Bank of England’s latest decision on interest rates. With guidance on student loans and ground rents for leaseholders, there is a lot to update you on. Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents Chancellor cuts fuel duty in Spring Statement Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever cut on all fuel duty rates, which applies from 6pm on 23 March 2022. The Chancellor also announced that the starting thresholds for national insurance contributions (NICs) will rise to £12,570. From 6 July 2022 employees earning between £242 (£190 from 6 April to 5 July 2022) […]

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March 2022

WRLO Accountants — Wed, 09 Mar 2022 12:42:09 +0000

In this month’s Enews we consider the upcoming Spring Statement; the closure of the SSP Rebate Scheme; and applications for COVID-19 grants that are still available. We also update you with the latest on freeports and the impact of interest rate rises on HMRC late payments. With guidance on self assessment returns and fuel rates for company cars, there is a lot to update you on. Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate to 3% MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars Spring Statement is the time to act, says CBI The Chancellor must act at the Spring Statement or risk the UK economy drifting backwards to low growth, warns the Confederation of British Industry (CBI). The Spring Statement will take place on 23 March 2022. The CBI has set out a range of policies it says are aimed at sparking growth via business investment. These include a permanent investment incentive to […]

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