The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. The Statement came on the back of the latest forecasts prepared by the Office for Budget Responsibility (OBR).
Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the government has decided to go ahead as
The R&D tax relief schemes for companies will be enhanced from April 2023 but we have to wait until this summer for more details. We
No extension has been granted to the leisure and hospitality sector for use of the reduced 12.5% VAT rate on eligible supplies including food, non-alcoholic
Green technology, including solar panels and heat pumps, will be exempt from business rates in England from April 2022, a year earlier than originally planned.
The Household Support Fund will be doubled to £1billion from April 2022. The Fund will help households with the cost of essentials such as food,
Fuel duty has been cut by 5p per litre for 12 months from 6pm on 23 March 2022. The Treasury report that this will save
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to
The Chancellor has committed to reduce the basic rate of income tax from 20% to 19%, but not until 6 April 2024. Note that the Scottish
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