15/03/2023
As a small business owner, it is crucial to have an in-depth understanding of UK budget announcement to adapt and stay ahead of the curve. This post evaluates the key points of the budget and signifies their implications for small businesses and entrepreneurs.
Here is a summary of the main announcements gathered from the BBC:
👉🏽Main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%
👉🏽Companies with profits between £50,000 and £250,000 to pay between 19% and 25%
👉🏽Companies able to deduct investment in new machinery and technology to lower their taxable profits
👉🏽Tax breaks and other benefits for 12 new Investment Zones across the UK, funded by £80m each over the next five years
👉🏽Cap on amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax (currently £1.07m) to be abolished
👉🏽Tax-free yearly allowance for pension pot to rise from £40,000 to £60,000 - having been frozen for nine years
👉🏽30 hours of free childcare for working parents in England expanded to cover one and two-year-olds, in a bid to help them work more
👉🏽Families on universal credit to receive childcare support up front instead of in arrears, with the £646-a-month per child cap raised to £951
👉🏽£600 "incentive payments" for those becoming childminders, and relaxed rules in England to let childminders look after more children
👉🏽New fitness-to-work testing regime to qualify for health-related benefits
👉🏽Government subsidies limiting typical household energy bills to £2,500 a year extended for three months, until the end of June
👉🏽£200m to bring energy charges for prepayment meters into line with prices for customers paying by direct debit - affects 4m households
👉🏽£63m to help leisure centres with rising swimming pool heating costs, and invest to become more energy efficient
‼️Go to our stories for the latest updates
👉www.citrineHR.com👈
_______________________________
❤️Like 🎯 Share 👥Comment