The Chancellor’s Spring Statement
Announced 23 March 2022
In the Spring Statement on 23rd March 2022, Rishi Sunak included some announcements that will affect payroll in 2022-23 and later:
- The Primary Threshold for National Insurance will be aligned to the tax free allowance from 6th July 2022 at £12,570. The NI tables shown in this guide reflect this update.
- Employment Allowance will increase to £5,000 for all eligible employers and charities from 6th April 2022. This is a potential
annual NI discount of an extra £1,000 for those employers.
- The basic rate of PAYE tax will be reduced from 20% to 19% in 2024.