The Government appreciates that many businesses are exposed to increased energy costs, driven by global factors.<\/p>
The new Energy Bill Relief Scheme (EBSS), unveiled on 21 September, will provide a discount on wholesale gas and electricity prices for businesses, including those in the hospitality sectors. This will apply to fixed term contracts \u2013 agreed on or after 1 April 2022 \u2013 as well as deemed, variable and flexible tariffs and contracts. The guarantee will apply to energy usage from 1 October 2022 to 31 March 2023, and this support will be automatically applied to bills.<\/p>
The Growth Plan (2022) fulfilled the Government\u2019s commitments to cut taxes and set the direction for regulatory reform. The planned rise in the rate of Corporation Tax will not go ahead and the Annual Investment Allowance will be permanently set at £1 million, freeing businesses to invest and grow. The reduction in the rate of National Insurance will make it cheaper for businesses to employ staff and pay higher wages; and reforms to Universal Credit will ensure claimants are supported to seek more and better paid work. In the coming weeks, the Government will set out further supply side reforms which will promote growth and ease the burden on businesses.<\/p>
This is in addition to the 50% business rates relief for eligible hospitality businesses, and the increased Employment Allowance worth up to £5,000.<\/p>
The Government has taken action to protect businesses from soaring energy costs and provided them with the certainty they need to plan, invest, and grow.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-09-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-09-28T14:19:33.45Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-09-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Hospitality Industry: Finance"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to introduce an emergency financial support package for the hospitality sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"} } , "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"} ], "uin" : "HL2287"} , {"_about" : "http://data.parliament.uk/resources/1505814", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1505814/answer", "answerText" : {"_value" : "
The Government announced on 22 September that it will be reversing the Health and Social Care Levy. This will provide a tax cut for the 60 per cent (920,000) of businesses who pay National Insurance contributions (NICs) bills by an average of £9,600 in 2023-24. 20,000 businesses will be taken out of paying NICs entirely.<\/p>
<\/p>
The other 40 per cent of businesses already pay no NICs as a result of the Employment Allowance (EA). In April 2022, the Government increased the EA, a relief which allows eligible businesses to reduce their employer NICs bills each year, from £4,000 to £5,000.<\/p>
<\/p>
This means that businesses and charities who had employer NICs bills of £100,000 or less in the previous tax year are able to claim up to £5,000 off their employer NICs bills. As a result, eligible businesses are able to employ 4 full-time employees on the National Living Wage without paying any employer NICs. 94 per cent of businesses that benefitted from this change were small and micro businesses.<\/p>
The Government also recognises that many businesses are exposed to increased energy costs driven by global factors. The Government has announced new support for households, businesses and public sector organisations facing rising energy bills in Great Britain and Northern Ireland \u2013 supporting growth, preventing unnecessary insolvencies and protecting jobs.<\/p>
Through a new Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including all UK businesses, the voluntary sector like charities and the public sector such as schools and hospitals) whose current gas and electricity prices have been significantly inflated in light of global energy prices. This support will be equivalent to the Energy Price Guarantee put in place for households.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-09-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-09-28T14:40:19.897Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-09-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Small Businesses: National Insurance Contributions"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to temporarily reverse national insurance contributions for small and medium sized enterprises.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"} } , "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"} ], "uin" : "HL2288"} , {"_about" : "http://data.parliament.uk/resources/1505633", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1505633/answer", "answerText" : {"_value" : "
The number of individuals that have declared property income and that pay each of the marginal rates of income tax specified, rounded to the nearest thousand, are as follows:<\/p>
<\/p>
Tax rate<\/p><\/td> | Number of individuals<\/p><\/td><\/tr> | ||||||||
Additional higher rate<\/p><\/td> | 91,000<\/p><\/td><\/tr> | ||||||||
Higher rate<\/p><\/td> | 543,000<\/p><\/td><\/tr> | ||||||||
Basic rate<\/p><\/td> | 1,439,000<\/p><\/td><\/tr><\/tbody><\/table> <\/p> The numbers of individuals in each parliamentary constituency that declared income from property lettings via their self-assessment tax returns in 2020-21, rounded to the nearest 10 are provided in the attached table.<\/p> <\/p> <\/p> <\/p> Please also note that:<\/p>
|