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15 Jun 2022

It is important that retailers read the document and familiarise themselves with industry standards to ensure they are creating a safe, informed space for consumers to shop and obtain credit.

9 Jun 2022

A campaign that independent retailers across sectors and throughout the country can use to promote their own businesses online and in their own communities.

9 Jun 2022

Richardsons Cycles are asking for the public’s help to cycle the distance from Scarborough to Kyiv, a whopping 1320 miles! All money raised will be going to the DEC’s Ukraine...

26 May 2022

For 2022 Local Bike Shop Day introduced an entirely new voting function, allowing customers to show their appreciation and loyalty for their favourite bike shop! The winning shop that attained...

26 May 2022

Key recommendations from the survey results include universal rollout of fully accessible cycle infrastructure, including parking and storage, rapid implementation of policies that will make...

26 May 2022

Cyber risk is now present in most business operations and business owners are beginning to understand that you do not need to be a digital business to be exposed to cyber risks, only digitally...

19 May 2022

Our research found agreement that a minimum OST threshold could help to rebalance the burden of tax across the industry, generate revenue to reduce business rates for smaller businesses,...

19 May 2022

As part of their support for Local Bike Shop Day, Cyclescheme ran a competition for the local bike shop with the most social media noise, with the chance to win a £150 Restaurant Choice...

19 May 2022

In a ceremony held in Leipzig, Germany, the largest gathering of transport ministers in the world will see current president, Morocco, hand over the reins to UK Transport Secretary Grant...

16 May 2022

Millions of people across the country will benefit from cleaner air and cheaper ways to travel and keep active, thanks to £200 million of government funding for new walking and cycling...

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Spring Statement 2022: Here are the key points for businesses

Posted on in Business News , Cycles News , Creative News

The Chancellor has presented his Spring Statement to Parliament today, setting out the government's latest fiscal and policy measures. 


This briefing outlines the most relevant announcements for the cycling sector gathered by the ACT through our involvement in the IRC. The Spring Statement documents are available here.


Employment Allowance Increase

From April, the Employment Allowance will increase to £5,000. That’s a new tax cut worth up to £1,000 for half a million small businesses – starting in just two weeks’ time

The Employment Allowance will be increased from £4,000 to £5,000 from 6th April 2022. This means retailers will be able to reduce their employer NICs bills by up to £5,000 per year, equivalent to enabling retailers to employ four full-time employees on the National Living Wage without paying employer national insurance contributions (NICs).


Employee NICs Threshold Increase

"From this July, people will be able to earn £12,750 a year without paying a single penny of income tax or national insurance"

The threshold for employees to pay NICs will rise by £3,000 to £12,570 from July 2022 to equal the income tax threshold and cut NICs by £330 for an average employee. Self-employed retailers with profits between the Small Profits Threshold and Lower Profits Limit will also not pay any Class 2 NICs from April 2022. The does not impact the threshold for secondary employer NICs.


Fuel Duty Cut

"Some have called for the fuel duty cut to last until August. I have decided it will be in place until March - a full 12 months"

The Chancellor confirmed that fuel duty will be cut on petrol and diesel by 5p per litre for 12 months. This will take effect from 6pm on 23 March on a UK-wide basis. This cut represents savings for households and businesses worth around £2.4 billion in 2022-23. ACS has consistently called for a fuel duty cut in our representations to the Treasury.


Income Tax Cut by 1p

"Before the end of this Parliament, in 2024, for the first time in 16 years, the basic rate of income tax will be cut from 20p to 19p in the pound"

The Government has also outlined plans to reduce the basic rate of income tax from 20% to 19% in April 2024, with equivalent funding provided to the Scottish Government.


Tax Plan: Business Investment

"Cutting taxes means people have immediate help with the rising cost of living, businesses have better conditions to invest and grow tomorrow, and people keep more of what they earn for years to come"

The Spring Statement outlines plans to cut and reform business taxes to support private sector-led investment. This will include the government considering how to replace the super deduction capital allowance policy which allows retailers to write-off the costs of relevant investments against taxable profits until March 2023. The Chancellor confirmed that there will be further consultation with industry over the summer. As part of this consultation process the Government will also consider whether the apprenticeship levy is sufficiently incentivising businesses to invest in training. The Tax Plan is available here.  


Green Reliefs for Business Rates

The government is bringing forward business rates exemptions for renewable energy generation and storage. This intends to support the decarbonisation of buildings and will now take effect from April 2022 instead of April 2023. The exemptions are for eligible plant and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible low-carbon heat networks with their own rates bill.


VAT Relief for Energy Saving Materials

The Chancellor announced a time limited zero rating for energy saving materials (ESMs) such as solar panels and insulation for properties. This measure will reduce the rate of VAT on ESMs from 5% to 0% from 1 April 2022 until 31 March 2027 and permanently remove additional eligibility conditions that were introduced in 2019. Wind and water turbines will be added to the list of ESMs.


Economic Forecasts

As the overall economic forecast in his spring statement, the chancellor announced that the OBR (Office of Budget Responsibility) predicts:

-    Real UK GDP growth to increase by 3.8% in 2022, 1.8% in 2023, 2.1% in 2024 and 1.8% in 2025. 
-    Public sector debt as a % of GDP is expected to fall, decreasing from 95.5% in 2022-2023, to 94.1% in 2023-2024, 91.2% in 2024-2024, and 85.8% in 2025-2026. 
-    UK employment rate to increase: 4% in 2022, 4.2% in 2023, 4.1% in 2024, 4.1% in 2025

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