By Tim Adler on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs
This spring’s Budget will focus primarily on halving inflation, the first and most important of Prime Minister Rishi Sunak’s five pledges. But what can small business expect from Budget 2023?
What is the date for the Budget 2023?
Jeremy Hunt is due to make his Budget 2023 statement on Wednesday, March 15. It will be followed by a forecast on the economy and public finances from the Office for Budget Responsibility.
Revamping ‘super-deduction’ tax break
Chancellor Jeremy Hunt and his Treasury team are understood to be looking at a successor to former Chancellor Rishi Sunak’s “super-deduction” tax incentive, a £25 billion tax incentive which encouraged business investment by providing 25p off company tax bills for every pound of qualifying spend on plant and machinery.
>See also: Super-deduction tax break – what is it and how does it work?
Subsidies for mental health and wellbeing
Work and pensions secretary Mel Stride is reviewing the state of the British workforce ahead of the Budget 2023. One idea is to provide tax breaks to small business owners to help them support the long-term sick and disabled get back into work. There are 2.2 million long-term sick and disabled in the UK. These subsidies would cover physiotherapy, nursing and mental health support.
Digital skills and IT training
Another idea is to offer Government-funded job placements for disability and sickness claimants. The focus is expected to be on digital and IT skills for jobs that can be done remotely – helpful for those who are housebound but want to get back into work.
What will not be in Budget 2023 for small business
At present, any pitches for cuts to corporation tax, National Insurance Contributions (NICs) or duties are being stonewalled.
“Computer says no is just the standard response you get most of the time from the Treasury, but it’s even worse this time round,” one business leader told The Sunday Times. “He mentioned pre-profit taxes, but every time we raise business rates, NICs and duties, the answer is no, it’s not the right time.”
This preview of what small business can expect from this year’s Budget 2023 will be continually updated.
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Tim Adler, Khareem Sudlow
