If your company undertakes research and development (R&D) you will usually benefit from generous tax relief.

Our comprehensive analysis of the Chancellor's Spring 2023 budget covers R&D tax relief, the seed enterprise investment scheme, free childcare, pension allowances, pension savings, corporation tax and capital allowances.

When the current Prime Minister was Chancellor he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. Under the previous administration this decision was reversed but the 25% rate will now apply next year.

The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.

Larger companies may have opted to wait until April 2023 before making major investments in plant or machinery to achieve tax relief of 25% on those costs following the increase in the corporation tax rate.