Tag Archives: budget

Spring Statement 2022

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Against a backdrop of rising costs and inflation Rishi Sunak’s Spring Statement focused on easing the burden for families and businesses.

The previously announced rises in National Insurance contributions remain but are sweetened a little by an increase in the starting thresholds for employees and the self-employed. There is no such sweetener for employers as employers’ National Insurance thresholds are not affected, but those eligible for the Employment Allowance will get an extra £1,000 as this is to increase from £4,000 to £5,000 for 2022/23.

Other measures announced include:

  • A temporary 12 month decrease in fuel duty. This will benefit individuals and businesses alike and go some way to helping with the spiralling costs of fuel.
  • A review of the capital allowances system in advance of the Autumn budget.
  • Confirmation that the government is considering improving the effectiveness of the R&D tax regime.
  • And finally, we were promised a 1% drop in the basic rate of income tax, but not until 2024.

Goodman Jones Spring Statement 2022

Download the above as a PDF document.

 

Budget 2015 – George Osborne’s Gift to Charity

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Has George Osborne been giving to charities in his final pre-election budget? The answer I think is a qualified yes. Certainly no big giveaway but there is a planned increase in the amount that can be donated under the Gift Aid Small Donations Scheme (GASDS).

The government has not seen the widespread take up of the scheme that it had hoped and therefore plans to introduce legislation to extend the maximum annual donation amount which can be claimed through the scheme from £5,000 to £8,000 from April 2016.

Many would argue that this still does not go far enough in encouraging take up of the scheme since a charity still has to have a two year Gift Aid history before becoming eligible. Similarly it only applies to cash payments and this too has come in for criticism.