Corporation Tax

Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ National Insurance contributions…

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Chancellor cuts NI by a further 2p as part of Spring Budget

Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…

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Spring Budget: Corporation tax to rise to 25%

Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…

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Chancellor freezes tax thresholds in Autumn statement 

Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement.  As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…

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Chancellor announces sweeping tax cuts in first mini-budget

Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a £60bn energy support package as part of the new government’s first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…

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Budget 2021: Chancellor unveils new £65bn support package

Chancellor Rishi Sunak has outlined a new £65bn support package in his March budget, confirming the decision to extend the furlough scheme until the end of September as well as new loan schemes of up to £10m for businesses. In what is Sunak’s second budget since he joined office in…

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Sunak looks to raise corporation tax in March budget

Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked uproar among business owners who claim they are still struggling with the economic impact of Covid-19. However, it…

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How to help your business navigate Covid-19: Now and in the future

It’s a challenging time to be in business, whether you’re part of the supply chain or a customer-facing retail business.    With all the challenges of social distancing and people being encouraged to stay home, it’s difficult enough to bring in both your staff and your customers and try to keep…

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A fifth of SMEs at risk of collapse, say experts

Almost a fifth of SMEs will not survive the coronavirus crisis, according to new findings from the Corporate Finance Network.  The group predicted that the closures would take place within the next four weeks despite government support measures, as the pandemic continues to unfold and affect retail. The network, which…

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