Will Rishi Sunak’s mini budget this month make enough difference?

It’s fair to say that the last few years have been unprecidendtedly strange and difficult!  First we had Brexit, then before we had time to digest the impacts of that, the Covid-19 pandemic hit.  Hard to belive that two years ago this week we were ordered to “stay at home” as looking back that seems both an age away and just yesterday! And of course in recent weeks we’ve had the atrocity of Putin waging war on Ukraine.

Hard to take all that in really!

But we hold tight to the little things in life that matter and are thankful that Spring seems to have blessed us this week with some warmth, sunshine and many many daffodils.

The Spring Statement

The Spring Statement was also released this week and with the cost of living higher than ever before, we are all hoping that this mini budget might give us all a little hope; helping people and businesses deal with rising costs and with luck raising the future growth rate too. Here’s a quick summary of the key points for us as business owners and employees:

Announced changes to taxes and spending include:

• An increase to the level of earnings at which people start paying National Insurance contributions (NICs) from £9,880 to £12,570 in July 2022. This is the largest single personal tax cut in decade and aligns the NICs thresholds with the point at which people begin paying income tax on their income. The NICs thresholds and personal allowance will both then be unchanged until April 2026. They would normally be increased by inflation each year.
• Reducing Class 2 NICs to zero for the self-employed with profits between the small profits threshold (currently £6,515) and the lower profits limit (currently £9,568), from April 2022. Currently, Class 2 NICs are paid at a flat rate of £3.05 if you have self-employed profits of £6,515 or more.
• A temporary 12-month reduction of 5p per litre on fuel duty, starting from 6pm on the day of the statement.
• A decrease, in April 2024, to the basic rate of income tax from 20% to 19%. That’s roughly a £5billion tax cut for almost 30 million people.
• An increase in the employment allowance (which allows employers to reduce their NICs payments up to a certain amount) from £4,000 to £5,000, from April. This cuts small businesses tax bills, making it cheaper to employ workers, worth up to £1000 for almost 500,000 small businesses.

There are things that you can do too in order to control your business finances and to make sure that your company remains profitable.

Consider saving costs on your business office space…

One simple idea could be a relocation. Why not move your business to our centre. We offer ‘EASY IN EASY OUT’ Licences so you can take office space with us safe in the knowledge that you can upsize, downsize or move out in as little as two weeks.

You’ll be able to react to your business needs as they grow and change instead of getting stuck in an expensive long lease that doesn’t suit you any more.

We offer Licence fee’s that include all utilities so you won’t have to cope with ever rising gas and electricity costs. A simple weekly fee makes budgeting every month easy. Worth thinking about?

Take a look at our AVAILABILTY  https://www.thewincombecentre.co.uk/availability/

or call 01747 850404 to discuss your business office space needs further.