Now, for tomorrow

Spring Forecast Statement 2022: Insight & Analysis

The Chancellor delivered his Spring 2022 Forecast Statement on Wednesday 23 March.

This forecast was an opportunity for the Chancellor to provide an update on the economic progress made from policies set out in the Autumn 2021 Budget.

Spring Statement insights from MHA Moore & Smalley

Spring Statement: Insight from our Tax Partner

Our tax partner, Tony Medcalf, analyses the announcements delivered by the Chancellor. 

Register for one of our Finance Directors' Network events

Join our experts as we discuss the announcements made by the Government. 

What are the key tax changes for 2022/2023?

Our free document will help you navigate the forthcoming tax changes. 

What were the key announcements in the Spring Statement?

Fuel duty cut: was it enough?

The Chancellor announced a reduction in Fuel Duty by 5p. Will this be enough to help households?

Research & Development Tax Relief

During the Spring Statement, the Chancellor expanded on the R&D reliefs announced last Autumn.

Support for small businesses

Further measures announced to support small businesses recovering from the impact of the pandemic.

Income Tax and Capital Gains Tax

For the first time in 16 years, the government is proposing to cut the basic rate of income tax by one percent, from 20% to 19%, with effect from April 2024.

National Insurance Contributions

The Chancellor saw fit to reduce national insurance for around 70% of workers by increasing the thresholds at which workers begin to pay national insurance.

Corporation Tax

The Chancellor in his speech and all subsequent Spring Statement releases has been silent on the proposed increase to Corporation tax rates from April 2023.

8 Key Points

Our Tax Specialists have reviewed all the key announcements from the Chancellor’s new Tax Plan and have pulled together our top 8 key points that will impact you and your business.

Basis Period Reform

Reforms to the way profits of unincorporated businesses will be taxed are going ahead as expected.  This is in line with government’s aim to complete the roll out of Making Tax Digital, for Income Tax by 2024/25.