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Spring Statement March 2022
23 March 2022

Key announcements at a glance from Colin Hamilton, Tax Partner:

The Chancellor, Rishi Sunak, feels this Spring Statement goes towards building a stronger economy. The military aid to Ukraine and sanctions against Russia are not cost free.

  • Growth predictions by the Office for Budget Responsibility this year are now forecast to be 3.8%, previously the forecast was 6%.
  • Economic growth predicted to be 1.8% in 2023 and 2.1% in 2024.
  • Unemployment is now at pre-pandemic levels at 3.9%.
  • Increases in energy prices and the cost of goods generally have seen inflation go to 6.2%.  This is expected to rise to 7.4% before coming back under control in 2024.
  • Fuel duty to be reduced by 5p per litre from 6pm.
  • Reductions in VAT on Energy Saving materials such as Solar Panels, Heat Pumps, and Insulation. Now possible following Brexit as no longer constrained by European Law.
  • Tax Plan – a principled approach to cutting taxes.
  • Health and Care Levy (National Insurance increases of 1.25%) to stay.
  • The point at which NIC starts to be paid to be increased by £3,000 from July 2022.
  • The Autumn Budget will contain reviews of the Research and Development Schemes and Capital Allowances with a view to stimulating economic growth.
  • Local Authorities to be given extra funding to assist the support of Vulnerable Households.
  • The Employment Allowance (a relief for small businesses from National Insurance) to be extended to £5,000 from £4,000 per annum.
  • A reduction of 1% in the basic rate of tax from 20% to 19% in 2024.

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"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."

Lee Davies, A.C.A, Financial Director, Walker Group

"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."

Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire

Grain merchants and farmers, Burstwick, East Yorkshire:
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."

Jeremy Saunt, Director at Johnson and Saunt

"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."

Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull

"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."

Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull

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