Your say on the “Budget that backs small businesses”
16/03/2016
Small businesses were the focus of today’s Budget as the chancellor unveiled a number of measures aimed at easing the financial burden on SMEs’ shoulders.
A further reduction in Corporation Tax and changes to the business rates system stole the headlines, as the government promised to clamp down on corporate tax avoidance and removing loopholes to generate additional funds to be used to help British firms.
Here are just some of the measures which were announced in what George Osborne dubbed the “Budget that backs small businesses”:
- The headline rate of Corporation Tax will now be cut to 17% by 2020
- The annual threshold for small business rate relief is to be raised from £6,000 to a maximum of £15,000, making thousands of companies exempt
- Commercial stamp duty will be cut to 0% on purchases up to £150,000, 2% on next £100,000 and 5% above £250,000
- Anti-tax avoidance and evasion measures will raise £12 billion by 2020, with a further £9 billion generated by closing corporate tax loopholes and tax minimisation schemes
- Fuel duty frozen for a sixth successive year
It is hoped that these actions will boost British business and productivity, generate a million jobs by 2020 and attract multinational companies to the UK’s shores. And it comes just weeks after the Confederation for British Industry called for urgent action on business rates reform.
So will they bring confidence to the nation’s businesses? According to the findings of a survey released this morning, just 35% expected the Budget to be good for their company.
We’d like to hear your views. Are you pleased with the contents of the chancellor’s Budget, or do you feel he could have gone further? Please leave your comments below.
Brian
17/03/2016 (11:30am)
Unfortunately every time Osbourne opens his mouth he just shows what an idiot he is. He seems to be working to make life more difficult for everyone, rich and poor! With this budget he seems to be deliberately causing North South bias, the roads in the South and South West are no better and probably worse than in the North and he is deliberately introducing age discrimination with the new ISA As for the sugar tax. Sugar is not bad for you, anyone who says it is wrong. But like most things if taken in excess it can cause dental problems, diabetes etc. Placing a tax that hits those that use sugar sensibly as well as those that abuse it is just wrong. If it really is that dangerous (its not) then just ban it. Next will be getting a Window tax as sunlight can cause skin cancer..... or maybe a nudist beach tax! About the only thing left he might be able to do correctly is resign! PS Lets hope we don't get to see him inspecting a nudist beach just wearing his Cross Rail Safety helmet and goggles!