Business rates holiday to continue but tax bills will go up

The business rates holiday is to be extended to the end of June, but the Chancellor made no mention of the promised review into the tax during his Budget.

After June rates will be discounted for premises that are closed and by a lesser rate for those that are open.

Non-essential retailers will receive grants of up to £6,000 per premises.

The furlough scheme has been extended to the end of September, but companies will have to start making contributions from July.

The Chancellor also announced that corporation tax would rise from 19% to 25% from 2023 for companies with profits of more than £250,000: only 10% of companies, according the Rishi Sunak.

Companies making less than £50,000 will continue to pay 19%.

Personal tax thresholds will rise to £12,570 and £50,270 for basic and higher rate payers next year but will then be frozen until 2026.

The VAT registration threshold is to be frozen at £85,000 until 2024.

Tax

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