Chancellor Jeremy Hunt’s Spring Budget 2023 aims to boost the UK economy by encouraging workers to return to their jobs and supporting business investment. The government has introduced measures that will affect businesses.
The main rate of corporation tax paid by businesses on taxable profits over £250,000 will increase from 19% to 25%, while companies with profits between £50,000 and £250,000 will pay between 19% and 25%. However, companies will be able to deduct investment in new machinery and technology to lower their taxable profits. Tax breaks and other benefits will be given to 12 new Investment Zones across the UK, funded by £80m each over the next five years.
The Spring Budget 2023 also includes measures to reduce paperwork for international traders and give them longer time frames to submit customs forms under streamlined rules. The aim is to facilitate international trade and reduce the administrative burden on businesses.
In addition to these measures, the government has introduced a new fitness-to-work testing regime and a new voluntary employment scheme called Universal Support, aiming to help up to 50,000 disabled people gain employment. The government will also provide tougher job searching requirements and increased job support for lead child carers on universal credit, as well as more “skills boot camps” to encourage over-50s who have left their jobs to return to the workplace.
Overall, the Spring Budget 2023 acknowledges the challenges of the pandemic while promoting economic recovery through incentives for work and business investment. The measures introduced aim to support businesses and reduce the administrative burden while maintaining a focus on encouraging workers to return to their jobs.
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