In addition to the furlough scheme being extended until September, some of the key policies affecting taxation and businesses are as follows:
Taxation
No changes to rates of income tax, national insurance or VAT
Personal income tax allowance to be frozen at £12,570 from April 2022 to 2026.
Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026
Corporation tax on company profits to rise from 19% to 25% in April 2023.
Rate to be kept at 19% for about 1.5 million smaller companies with profits of less than £50,000.
Stamp duty holiday on house purchases in England and Northern Ireland extended to 30 June.
No tax charged on sales of less than £500,000
Businesses
Tax breaks for firms to "unlock" £20bn worth of business investment.
Firms will be able "deduct" investment costs from tax bills, reducing taxable profits by 130%.
Incentives for firms to take on apprentices to rise to £3,000 and £126m for traineeships
Lower VAT rate for hospitality firms to be maintained at 5% rate until September, Interim 12.5% rate will then apply for the following six months.
Business rates holiday for firms in England to continue until June with 75% discount after that £5bn in 'restart' grants for shops and other businesses in England forced to close.
£6,000 per premises for non-essential outlets due to re-open in April and £18,000 for gyms, personal care providers and other hospitality and leisure businesses.
New visa scheme to help start-ups and rapidly growing tech firms source talent from overseas.
Contactless payment limit will rise to £100 later this year.
Many thanks and stay safe.
_edited_edited.jpg)
Comments