While the 2024 Spring Budget featured no surprise business announcements, Chancellor Jeremy Hunt introduced a range of measures to boost investment and minimise costs for UK businesses.
As part of a support package spanning the next five years, the Government will increase spending on manufacturing and R&D-intensive industries and provide £1 billion in tax relief for the creative sector.
The extension of the Recovery Loan Scheme now called the Growth Guarantee Scheme, is set to help 11,000 small and medium-sized enterprises (SMEs) get the funding they need.
Hunt also announced plans to ease the administrative and financial burden on small businesses by raising the VAT registration threshold from £85,000 to £90,000 in April, which will stay in place until April 2026.
Furthermore, the Government will abolish the furnished holiday lettings tax relief, affecting tax breaks for furnishing holiday homes from April 2025. Multiple dwellings relief will also be scrapped from June.
According to the Office for Budget Responsibility (OBR), ending holiday lettings relief will save the Treasury about £245m yearly and stopping multiple dwellings relief will bring in £385m annually.
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