In the Budget, the Chancellor Rishi Sunak confirmed measures to support business investment with changes to allowances and covid loans The government will extend the temporary £1m level of the Annual Investment Allowance (AIA) to 31 March 2023. It was due to expire at the end of 2021 so this will give some to smaller…
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The Chancellor has confirmed that government spending plans will be outlined at the Spending Review on 27 October alongside a second Budget This will be the second Budget of the year, following the March Budget which happened in mid-March, the week before the country went into lockdown due to covid-19. The three-year review will set…
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A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to £10 million per business once…
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HM Treasury (HMT) has published a factsheet covering the new super-deduction announced in the 2021 Budget, which will allow companies to cut their tax bill by up to 25p for every £1 they invest in qualifying assets. Broadly, between April 2021 and 31 March 2023, companies investing in qualifying new plant and machinery assets will…
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Budget 2021: corporation tax to increase to 25% In April 2023, the rate of corporation tax will increase to 25%, a 6% increase from the current 19% while at the same time creating a small profits rate for businesses with less than £50,000 profit who will continue to pay corporation tax at the current 19%…
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