Spring Budget

Careers Team 2

Chancellor Rishi Sunak’s first budget took place this afternoon.

Some of the key points:

  • Business rates have been suspended for a year for eligible businesses (rateable value below £51,000) in the retail, leisure and hospitality sectors.
  • For businesses with fewer than 250 employees, government will fund statutory sick pay for two weeks
  • Business rates discount for pubs to rise from £1,000 to £,5000
  • The tax threshold for NI contributions to rise from £8,632 to £9,500
  • Tax paid on the pensions of high earners, including NHS consultants, to be recalculated
  • Planned rise in beer, cider and wine duty cancelled
  • Freeze on fuel duty
  • Diesel tax relief scrapped for many industries
  • VAT on digital publications to be scrapped from December

Follow this link for further information.

Have any questions or need tax advice, contact us today via our website, email, info@wtca.co.uk or phone  01932 868444.