Spring Budget – how will it affect my business?

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Today’s Spring Budget has seen some key announcements affecting businesses across the UK. The economy is expected to grow 4% this year and return to pre-Covid levels by mid 2022. But how will Rishi Sunak’s budget affect your business?

  • The furlough scheme has succeeded in limiting job losses and will be extended until the end of September. Employers should note that you must pay 10% towards the hours your staff do not work in July, increasing to 20% in August and September, as the economy reopens.
  • The 5% reduced rate of VAT for tourism and hospitality will be extended for six months to the end of September.
  • The 100% business rates holiday will continue from April until June.
  • The government will invest scientific sector with new “help to grow” schemes which will support management training and digital skills.

Corporation tax will be increased from 19% to 25% from 2023 and will work on the following basis:

  • Businesses with profits of £50,000 or less will continue to be taxed at 19%
  • A tapered rate will also be introduced for profits above £50,000 – details to be announced
  • Businesses with profits of £250,000 or greater will be taxed at the full 25% rate

We can help your business grow with our REVIVAL plan. We offer a FREE one-hour strategy session to understand your business and challenges, before presenting you with a tailored plan of action.

Business Garage provide professional, reliable support with financial management, bookkeeping, payroll, HR consultancy and HR advice, and business strategy. Contact us on [email protected] to arrange a free consultation for your business.

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All over the UK, businesses like yours are planning for better times. After a year of disruption and interruption, their focus is on rebuilding as quickly as possible. We can help.

Our five-point REVIVAL plan is designed to help businesses recover lost ground, maximise their profits, and secure their future.

Through our REVIVAL programmes we focus on the following five key areas:

  • Financial management
  • Operations
  • People
  • Digital transformation
  • Marketing


The first step is a complimentary one-hour strategy session that enables us to understand your business and your challenges better.

Following this we will present our action plan.

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Interested in more information or want to chat with one of our team? Fill in the form below and we'll be in touch!