Your say on the “Budget that backs small businesses”
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.