Does the Mini-Budget do enough to support retail, consumer and hospitality businesses

Following the Mini-Budget on the 23rd September, the battery of tax cuts and growth measures don’t mean much to businesses struggling to survive the winter and have been left uncertain and underwhelmed by the energy price guarantee.

The energy crisis dwarfs all other concerns for the hospitality trade. The tax cuts are all well and good, but the benefits won’t help pubs, restaurants, cinemas, theatres and others get through the winter. The energy price guarantee for business which was fleshed out earlier this week rather than today, might help businesses stay float for a while but unless more is done many will be swept away over the next six months. The energy price guarantee for business should have extended over 12-18 months, not 6.

It does have to be acknowledged that any strong and clearly defined measures (preferably over the next 12 to 18 months) will need paying back at some time but it is important to get over the dangerous period first.

For further guidance on any of the tax measures discussed in this article, please contact your usual MHA advisor or Contact Us. 

Read the latest tax commentary – visit our dedicated hub where we will be providing resources, advice and practical guidance on what these emergency tax measures mean for you and your business, to help you prepare and manage their impact.