Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
Spring Budget 2024
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Business
Autumn Statement 2022 – Business Changes
Corporation tax rises to 25% from 1 April 2023 and other business changes in the Autumn Statement.
Autumn Statement 2022 – Employment Allowance
The employment allowance will remain at its current level of £5,000, having increased to that amount in April 2022.
Autumn Statement 2022 – Business rates
Business rates – The Chancellor confirmed that a business rates revaluation will still take place in April 2023
Autumn Statement – Annual investment allowance
The annual investment allowance will be permanently set at £1m for businesses.
Autumn Statement 2022 – R&D
Changes to the rates of the two research & development (R&D) relief schemes were announced.
Autumn Statement 2022 – online sales tax
Following consultation, the Government has decided not to introduce a proposed online sales tax.
Autumn Statement 2022 – VAT threshold
The VAT registration and deregistration thresholds will remain at their current levels of £85,000 and £83,000 respectively until 1 April 2026.
Reversal on Emergency Budget 2022 – Corporation tax rates
Corporation tax rates will still increase from April 2023. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or less. Companies with profits between £50,001 and £250,000 will pay tax at the main rate reduced by a marginal relief, providing a gradual increase in the effective corporation tax rate.
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