Spring Budget 2023 – The good, the bad and the yet to be determined!

Well after much anticipation, and a few spoilers, Jeremy Hunt yesterday delivered his first budget in which he set out a plan to halve inflation, grow the economy and get debt falling all whilst encouraging the unemployed back into work by overcoming obstacles faced by age, disability or gender.

We make it our business to support ambitious, growth businesses, so it is disappointing to see the 31% increase in corporation tax is staying but we welcome some of the measures put in place which mitigate this, not least the incentives around childcare for working parents. Combined with the many mini-budgets and statements made towards the end of 2022, this Budget brings change; good, bad, and yet to be determined. What is clear is that 2023 remains a year of opportunity and we are here to work alongside you and help you grow.

We have put together a summary to highlight the key points that may affect you and your business which covers the following areas:

• Cost of living support for individuals and households
• Income tax – summary of rates and allowances
• Capital gains tax
• Inheritance tax
• VAT
• Business taxes
• Employment taxes
• Corporate taxes
• Venture capital schemes

Download our budget summary here.

With only 3 weeks until the end of the tax year, please also take a look at our checklist included within the summary, and get in touch if you would like to know more about a Budget matter or recommended pre-5 April planning.

​As ever, it you’d like to discuss anything to do with yesterday’s budget or about tax planning pre year end, then please get in touch.