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Spring Statement - PwC comments on business growth

23 Mar 2022

Alex Henderson, tax partner at PwC UK, comments:

 

The increase in the employment allowance for small business is a welcome announcement for entrepreneurialism and growth in the UK. While small businesses are likely to be the most vulnerable to rising costs, this is good news for the rest of the economy too: small businesses of today can be the large businesses of tomorrow. The Chancellor clearly has ambitions to support businesses to scale ups, to improve growth and to improve productivity in the economy. Tucked away in the detail of the Treasury papers is a further review of employee share incentivisation for growing businesses. 

We’re beginning to see signs of the course the Chancellor wants to set once things settle down. While there are striking incoherences in the headline changes to date, the details illustrate a much more coherent and orthodox plan for reforming the economy with an ambition to be ultimately tax cutting. Future Budget’s and Statements this Parliament will be eagerly awaited to see if he can make good on his reforming aspirations.

Unsurprisingly there is more money allocated to HMRC to ensure efficient collection of tax - recent changes have shown a clear direction of travel to put the onus on taxpayers to ensure they resolve any uncertainties in their position at an early stage by talking to HMRC. While it's few people’s favourite activity, it is important and there is a 'win win' as the taxpayer gets early peace of mind and the Chancellor maximises early revenue.

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