BUDGET ANALYSIS FOR INDEPENDENT RETAILERS

Rishi Sunak now faces the impossible task of balancing the UK finances, some quick headlines from the budget most relevant to us are as follows;

Contactless Payment – Limit increased to £100 later this year.

Tobacco – No change.

Alcohol – Duty on Alcohol frozen.

Fuel – Fuel duty frozen once again.

National Living Wage – Increased to £8.91 from April

Taxes – The Tory manifesto promised not to change income tax, NI and VAT, but he has decided to increase thresholds at £12,750 where people start paying taxes, and £50,270 for income tax of 40%. But will remain the same until 2026.

Corporation tax – The Chancellor has increased tax on profits from 19% to 25% in 2023.

Business Rates – 1/3rd reduction in Business rates from June.

Furlough Scheme – Extended until September but in July employers will be expected to contribute.

Apprentices – £3000 for each new apprentice hired between 1 April and 30 September.

Training – Free relevant training for staff.

Self employed – A fourth Self Employment Income Support Scheme has been announced.

Housing – Stamp Duty holiday to continue for another three months.

Grants – £5bn in restart grants for shops, pubs, gyms and salons.

VAT – Reduced rate extended for hospitality.

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