Update: The new Chancellor, Jeremy Hunt, made an emergency statement on 17 October 2022, reversing some of the policies mentioned below. The increase in corporation tax from 19% to 25% will go ahead from April 2023, and the dividend tax cut has been abolished.
Some good news for start-up travel businesses, though. The extension to the Seed Enterprise Investment Scheme is still going ahead, and the Annual Investment Allowance will remain at £1million. The reversal of the national insurance increase is also still going ahead from November. You can find full details of the changes in the government’s press release.
Last week’s mini-budget might have caused maxi-chaos, but there was some good news for start-ups, tax savings and more certainty for companies investing in technology. Here are three ways the Chancellor’s announcement can help travel businesses.
If you would like to discuss how these changes may impact your business, contact our team.
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