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Today we have seen an announcement from the chancellor confirming his Autumn statement 2022. The government plans to stabilise public spending and reduce debt. Key tax announcements include:


  • Income tax and National insurance thresholds have been frozen until April 2028.


  • Income tax additional rate threshold to be reduced from £150,000 to £125,140 from 6 April 2023


  • National Insurance contributions secondary threshold is fixed from April 2023 to April 2028 at £9,100


  • Dividend allowance to be reduced from £2,000 to £1,000 in April 2023, then further to £500 from April 2024


  • Capital Gain Tax annual exempt amount will reduce to £6,000 from £12,300 from April 2023 and further to £3,000 from April 2024


  • The inheritance tax nil rate band will be fixed at the current rate until April 2028


  • VAT registration threshold to be fixed at £85,000 for two years


  • R&D tax reliefs for expenditure on or after 1‌‌‌ ‌‌April 2023, the Research & Development Expenditure Credit rate will increase from 13% to 20%, the SME additional deduction will decrease from 130% to 86%, and the SME credit rate will decrease from 14.5% to 10%.


  • Stamp Duty cuts to remain until March 2025


  • First Year Allowance for electric vehicle charge points – the government will extend the 100% First Year Allowance for electric vehicle charge points to 31‌‌‌ ‌‌March 2025 for Corporation Tax and 5‌‌‌ ‌‌April 2025 for Income Tax.


  • Company Car Tax (CCT) Rates – the government is setting rates for CCT until April 2028


  • Cost of Living Support – additional cost of living payments to support the most vulnerable households, including up to £900 of additional support in 2023-24 for households on means-tested benefits, including those receiving tax credits.


  • Electric cars, vans and motorcycles will begin to pay Vehicle Excise Duty (VED) in the same way as petrol and diesel vehicles from April 2025


Full details can be found in the Autumn Statement 2022 document, which you can access here.


If you are unsure how the Autumn statement 2022 affects you and your business, we would be more than happy to explain this. All you need to do is book a 30min discovery call with us by using this link, and we can discuss how the Autumn statement 2022 impacts you.


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