Spring statement – measures for business
The Chancellor this week presented the Spring Statement. Measures to support businesses include:
Cutting fuel duty on petrol and diesel by 5p per litre for 12 months, worth around £200 for the average van driver and £1,500 for the average haulier.
Increasing the Employment Allowance from £4,000 to £5,000, allowing eligible businesses to reduce their employer National Insurance contributions each year.
Bringing forward an exemption on business rates for green technology, saving businesses an extra £35 million in 2022-23.
Reforming R&D tax credits to enable businesses to claim relief on the storage of their vital data and pure maths research.
The Treasury has also announced a series of potential policy changes to the UK’s existing capital allowances regime, which the government will consider ahead of April 2023. Further information can be found in the press release and Business Support fact sheet.
Information from BEIS