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<p>The Government has demonstrated its long-standing commitment to supporting small
and micro businesses, entrepreneurs, and businesses on our high streets, including
takeaways. At Spring Budget, we confirmed that, from April 2023, the Small Profits
Rate will mean 70% of businesses will see no increase in Corporation Tax this April.
In fact, the UK has the lowest corporation tax rate in the G7.</p><p> </p><p>In addition,
the UK also has a higher VAT registration threshold than any EU member state and second
highest in the OECD – which keeps the majority of UK businesses out of VAT altogether.
We have also put in place a generous package of Business Rates relief worth £13.6
billion.</p><p> </p><p>The Government continues to invest in the 38 Growth Hubs providing
businesses across England with free one-to-one support and advice. Growth Hubs offer
a triage, diagnostic and signposting service to make sure that all businesses, whatever
their size or sector, know what help is available and can access the most appropriate
support.</p>
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