Spring Statement: A win for SMEs
As the “year of the squeeze” bites, the nation tuned in to the Spring Statement in parliament today. MT highlights the important announcements for businesses
Chancellor Rishi Sunak announced today that the government will “continue to prioritise support” for SMEs, with several new measures outlined in the Spring Statement.
Sunak announced that the temporary £1m level of the Annual Investment Allowance has been extended to 31 March 2023 - the “highest level of support” for capital expenditure ever provided through the scheme.
The government is further increasing the Employee Allowance from April this year, meaning eligible employers will be able to reduce their employee national insurance contributions (NICs) by up to £5,000 per year - a £1,000 increase on two years ago. As a result, businesses will now be able to employ four full-time employees on the National Living Wage without paying employer NICs.
