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Spring Budget 2023

March 16, 2023 By InStreatham

The Chancellor delivered his Spring Budget yesterday, 15 March. We have summarised some key points affecting business:

The effect of the Spring 2023 budget on small businesses: 

Taxation and reliefs

  • 25% corporation tax will only apply to businesses with profits above £250’000. Small companies with profits of £50’000 or less will continue paying 19%. For those businesses in between, they will pay a ‘marginal relief rate’. The HMRC has provided a rates calculator here for those wanting to know how much they’ll be paying. 70% of companies will still be paying the 19% rate. 
  • The Government will increase Draught Relief from 1 August 2023 to freeze the duty charged on a typical pint of beer in the pub and ensure this will always be lower than in the supermarket.

Business rates:

There are no cuts in business rates – they are set to increase on 1 April. However, you can claim Small Business Rate Relief if your property’s rateable value is lower than £15,000. 

Energy bill support

  • The Energy Price Guarantee at its current level will be extended to the end of June 2023 for households.
  • Unfortunately, there was no further support for businesses’ energy costs, other than the previously announced Energy Bills Discount Scheme, which will come into effect on 1 April. However, further energy support for households should, hopefully, leave more income in households’ pockets to spend in shops and venues.

Read the Spring Budget 2023 in full

Simpler Tax System: The chancellor has announced a series of admin changes with the aim of simplifying the tax system.

Filed Under: News

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