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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

Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants

Company Information Walker Thompson is a trading name of Walker Thompson Ltd registered in England and Wales. Company registration number 06574838

Registered Office Empress House :: 43a Binley Road :: Coventry CV3 1HU :: T 024 7663 5522 :: F 024 7663 5518 :: E