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Spring Budget 2023: Overview of announcements, a medic’s perspective

Despite intense pressure to cut taxes in his first Spring Budget, the Chancellor resisted, and while he seemed to deliver a fiscal plan that promised to stimulate growth.

The Budget 2023 –  changes to tax relief of capital expenditure

While there was little of real interest for farmers in the Spring Budget, there was a big announcement regarding tax relief known as “full expensing”, which will offer some businesses more tax relief when purchasing machinery and equipment.

To replace the super deduction tax relief, companies will be able to claim 100% relief on qualifying capital expenditure, such as IT equipment and plant and machinery, without any cap for the next 3 years. 

Spring Budget 2023: Overview of announcements

Despite intense pressure to cut taxes in his first Spring Budget, the Chancellor resisted, and while he seemed to deliver a fiscal plan that promised to stimulate growth, as we look at the detailed proposals it is clear some of his announcements aren’t quite as generous as they first appear and will have relatively limited impact on most small and medium-sized businesses.

Spring Budget 2023: The Automotive Sector - A Budget for Growth?

When the Chancellor Jeremy Hunt stood up today to give his first Budget speech, the hope for most motor dealers was that, despite all indications to the contrary, the unpopular corporation tax rise to 25% would be abolished. Unfortunately, this was not the case.  What we got instead was a statement centred on economic growth through what he called his “four Es” – employment, education, enterprise and everywhere.

Spring Budget 2023: Personal Taxes - No Changes, No Chance

As expected the Chancellor made no new announcements in relation to income tax, capital gains or Inheritance Tax in his Spring Budget, focusing instead on the country’s productivity issues, with measures to get people back into work.  

Spring Budget 2023: Research and Development (R&D)

The government has previously stated its intention to reform the tax relief that is provided to companies undertaking R&D and, in line with the last few fiscal events (Budgets and Autumn Statements), the Chancellor has added yet more changes to the relief for small and medium (“SME”) sized companies.

Spring Budget 2023: Capital allowances changes

In his Spring Budget the Chancellor sought to boost investment through changes to the capital allowances regime.

Tribunal highlights SORN not sufficient to prevent treatment of vehicles as company cars

A recent tribunal case has highlighted that having no road tax is not sufficient to prevent the treatment of vehicles as company cars 

Understanding HMRC’s 60-day reporting requirement for residential property sales

If you are disposing of a residential property you may need to report the sale to HM Revenue and Customs 

You might be entitled to Business Asset Disposal Relief when selling your farm business

If you are considering selling part or all of your farming business you may be able to pay less Capital Gains Tax (CGT) if you qualify for Business Asset Disposal Relief (BADR).