Monthly Archives October 2022

The RT Hon Kwasi Kwarteng MP published the government’s Growth Plan 2022 on the 23rd September. It is being labelled as measures to a deliver pro-growth, simplified tax system to support business investment across the UK. Please note however that if your business is in Wales some of the changes don’t affect you as they may be devolved taxes. Measures announced: the Health and Social Care levy to be scrapped.  Therefore reducing National Insurance contributions by 1.25% from 6 November 2022.  This is a UK wide change. basic rate of Income Tax to be reduced to 19% from April 2023.
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New rates. Updated advisory fuel rates (AFRs) from 1 September 2022 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 15p 9p – 1,401cc to2,000cc – 18p 11p – Over 2,000cc – 27p 17p   1,600cc or less – – – 14p 1,601cc to 2,000cc – – – 17p Over 2,000cc – – – 22p Hybrid cars are treated as either petrol or diesel
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During the mini-budget on 23 September 2022 the Chancellor, Kwasi Kwarteng announced that he was scrapping the Health and Social Care Levy being paid through National Insurance contributions. With effect from 6 November the rates for National Insurance will be cut by 1.25% for both employers, employees and the self-employed. HMRC has previously asked employers to include a generic message on payslips for the 2022-23 tax year to explain the reason for the change to their National Insurance.  This message will not be applicable from 6 November 2022 and employers are urged to make sure that the message does not
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