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Here is a summary of the key business and tax announcements from Chancellor Jeremy Hunt's Spring Budget 2023:

📌 Update on Business and Tax A new scheme will replace the Super Deduction, which expires this month.

The Annual Investment Allowance for small businesses has been increased to £1 million, enabling 99% of businesses to deduct the full value of their investments from that year's taxable profits.

The introduction of "full expensing" for the next three years, with the intention to make it permanent as soon as it can be done responsibly. This will allow companies to deduct the entire amount invested in IT equipment, plant, or machinery from their taxable profits immediately.

📌 Update on R&D Tax Credit Scheme Small and medium-sized businesses will be able to claim a credit worth £27 for every £100 they spend if they allocate 40% or more of their total expenditure on Research and Development to boost smaller and medium businesses.

📌 Update on Lifetime Allowance for Tax-free Pension Contributions:

The current lifetime allowance on tax-free pension contributions is £1.07 million, Hunt scraps the lifetime allowance on tax-free pension contributions. 📌 Update on Free Childcare Expansion:

Free childcare of 30 hours a week for working parents will be expanded to cover children from the age of nine months to two years old.

The expansion will be fully implemented by September 2025.

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