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.

Fill in the form now tand book your complimentary REVIVAL strategy session.

Outsource to Business Garage

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