On Wednesday 14 March, Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, delivered the Spring Budget, which focused on four key priorities: Employment, Education, Enterprise and Everywhere.

The commitment from government to deliver an enterprise-focused economy outlined its support for businesses, including:

Full expensing for three years from 1 April 2023
During this period, companies across the UK will be able to write off the full cost of qualifying plant and machinery investment in the year they invest, supporting businesses to invest and grow. The government intends to make this measure permanent when fiscal conditions allow.

Support for R&D intensive Small and Medium Sized Enterprises (SMEs)
An enhanced rate of tax relief aimed at supporting loss making R&D intensive SMEs. A company is considered R&D intensive where its qualifying R&D expenditure is worth 40% or more of its total expenditure.

A Simpler Tax System for Small Businesses
A simpler tax system to help free up time and money for the UK’s 5.5 million small businesses.

To find out more about the changes announced for businesses in the Spring Budget, visit this factsheet on gov.uk