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.
- A 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 >
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