Webinar recording: media sector – how will the Chancellor’s budget affect you?
During our webinar, Moore Kingston Smith partners Nick Blundell and Claire Roberts discussed the recent announcements from the Budget and the impact they will have on the media sector.
Their key takeaways from the webinar include:
- Pension lifetime allowance to be abolished
If you are reaching or exceeding the current allowance of £1,073,100, this will allow you to continue to grow your pension pot tax-free without any limit from 6 April 2023. - The pension annual allowance will be increased from £40,000 to £60,000 from 6 April 2023
This will provide more scope to increase your contributions and benefit from greater tax relief. - The tapered annual allowance will also be increased from £4,000 to £10,000 from 6 April 2023 and the income level at which the tapering begins to apply will be increased from £240,000 to £260,000
If you are currently subject to tapering, this will allow you to contribute more into your pension while benefiting from tax relief. - Corporation tax main rate increasing to 25% from 1 April 2023
Profits up to £50k still taxed at 19%, the next slab up to £250k taxed at 26.5%, then profits over £250k taxed at 25%. - Full expensing for capital expenditure from 1 April 2023 to 31 March 2026
Virtually all companies will benefit from a full tax deduction straight away for their capital expenditure. - R&D tax relief
Continued reform of the regime, with the SME scheme becoming less generous, while the large company scheme becomes more generous. The schemes are expected to merge from 1 April 2024.
If you have any questions or would like to discuss any concerns you may have in further detail, please do not hesitate to contact our team.