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UK Autumn Budget Summary

In case you missed it we created a handy blog summarising the key points from the UK Budget announced on 27 October 2021, which may affect your processing in Sage Accounting.

Business taxes and other duties

  • From 1 April 2022, a temporary 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000.

  • Tax relief for museums and galleries to be extended until March 2024.

  • 4% levy on property developers with profits over £25m to help create a £5bn fund to remove unsafe cladding.

  • The planned increase in alcohol duty has been cancelled. Duty rates on draft beer and cider are cut by 5% and a wider simplification of the rules on alcohol is planned, with duty related to the alcohol content. 

  • From August 2022 the HGV Levy will be suspended for another 12 months. Vehicle Excise Duty (VED) rates for heavy goods vehicles HGVs will remain frozen in 2022-23 

  • From April 2023, there's a cut in Air Passenger Duty for flights between airports in England, Scotland, Wales and Northern Ireland.

  • From April 2023, there's a new rate of Air Passenger Duty of £91 on flights of 5,500 miles or more. This applies across the UK except for the direct long-haul rates for Northern Ireland which are devolved.

  • Planned rise in fuel duty to be cancelled.

Personal tax

  • From April 2022 the National Living Wage will increase to £9.50 an hour.

Economy

  • The £3,000 apprentice hiring incentive for employers has been extended until January 2022.

  • Financial support for English airports under the Airport and Ground Operations Support Scheme (AGOSS) is to be extended for a further six months.

  • The temporary £1 million level of the Annual Investment Allowance has been extended to 31 March 2023. This is available to any business investing in qualifying capital allowances.

  • The Recovery Loan Scheme was extended until 30 June 2022, however from 1 Jan 2022 the scheme is only open for small to medium businesses, the value of finance is capped at £2million per business and the government guarantee will reduce to 70%.

To find out more details, please visit GOV.UK >

This article provides general rather than specific guidance to assist all of our customers. We always do our best to make sure that the information is correct but as it's general guidance, no guarantees can be made concerning its suitability for your particular needs. The information is valid at the time of publishing and is provided without any warranty of any kind, express or implied. You should take professional advice if you require specific guidance on your individual circumstances, for example to ensure that the results obtained from using our software comply with statutory or regulatory requirements. For VAT, customs and excise and duties enquiries you should call the HM Revenue and Customs (HMRC) National Advice Service Helpline on 0300 200 3700, contact your local HMRC office or visit their website at www.hmrc.gov.uk In no event will we be liable to you for any direct, indirect, consequential or incidental loss or damage arising out of or in connection with your use of the information provided.