Make sure you’re prepared for new laws coming in 2022

 

With the Autumn budget set for next month, with that comes potential new legislations and changes that may affect UK businesses. 2022 brings forth some new UK laws that your business may need to prepare for.

 

National Security Merger Control – January 2o22

From 4th January 2o22, the National Security and Investment Act 2021 (NS&I Act) will require businesses seeking to buy certain UK companies to notify their intentions to do so, allowing the UK government to review other deals even after they have completed, on national security grounds. If you’re planning to expand your business next year, be aware of this new law.

 

Corporation Tax charge and rates from 1 April 2022

From the 2022 new financial year, all UK businesses liable to pay Corporation Tax will be required to pay a main rate of 19% for all non-ring fence profits over £250,000.  This is set to increase further in 2023 to 25%.

A small profits rate (SPR) will be introduced for business with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%.

 

Rates of pay – April 2022

The National Living Wage is likely to be increased to £9.42 from April 2022, meaning the National Minimum Wage will in due course all increase (currently £8.91 for 23 and over years of age). Statutory Maternity Pay, Statutory Paternity Pay, Shared Parental Pay, Adoption Pay, Maternity Allowance, and Statutory Parental Bereavement Pay and Statutory Sick Pay are all subject to change as well.

 

Plastic Packaging Tax (PPT) – April 2o22

From April next year, all UK manufacturers of plastic packaging, importers of plastic packaging, business customers of manufacturers and importers of plastic packaging, and consumers who buy plastic packaging or goods in plastic packaging in the UK will need to pay tax on any plastic packaging that doesn’t contain at least 30% recycled plastic. The rate of PPT will be £200 per metric tonne of plastic packaging.

 

In any event it is always better to be prepared. We’ll of course keep you updated on any future developments that will affect UK businesses. If you need specific advice, do get in touch with us on 01752 665134 or email us at info@haroldduckworth.co.uk to arrange a free consultation.

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