Budget 2015 - SME's recognised as backbone of Britain
Recognising the contributions made by micro-businesses in terms of UK wealth and reducing the number of unemployed, this final Budget of the current Parliament, delivered 50 days before the next General Election, offered some key benefits.
SMEs make up around 99 per cent of Britain’s private sector businesses and it was noted by the Chancellor that unemployment is continually decreasing as it is set to fall from 5.7 per cent to 5.3 per cent at the end of the year. This is lower than the Office for Budget Responsibility (OBR) forecast issued last December stating that it would be 5.4 per cent.
I am encouraged that SMEs and the self-employed have been recognised for their efforts in supporting the growing economy and creating jobs. Taking the ‘Google Tax’ forward will help level the playing field: sensible reform of business rates (if it happens) would be a further helpful step. Closing tax loopholes used by very few and focussing help on the majority of businesses which just get on with their business and pay their tax is the right priority. We like the commitment to keep Investment Allowance above £25,000 but would have liked to have seen a definite commitment to a known figure!
SMEs, start-ups and the self-employed should seek professional advice with tax matters. I urge business owners to carefully study the details of this Budget and contact us to see how they are affected.
For more information on this years budget please click here or contact Stuart Hinnigan at the office.
Author: Stuart Hinnigan FCA CTA
Stuart’s career in accountancy began when he joined Preston based Moore and Smalley in 1994 following his graduation from Lancaster University. He qualified as a Chartered Accountant in 1997 and then chose to specialise in...
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