Spring Statement – measures for business

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The Chancellor last 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.

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Plunkett UK Grants

Plunkett UK Grants

With funding from the Cambridgeshire and Peterborough Combined Authority, Plunkett is currently able to offer early-stage community businesses free advice and support on how to get their business off the ground, including guidance on community engagement, legal structures, business planning and raising the funds to do it.