My initial reaction on hearing the major points of this years’ Budget was ‘right, OK…. and now anything for us modest business owners….’ I waited patiently there have been no excellent shocks as such and in a way that is a bonus in itself I suppose – to paraphrase slightly “much less news, is excellent news”, but there isn’t truly something that I as a member of the tiny enterprise neighborhood could truly get my teeth into.
The usual suspects have been rounded up and chosen for the familiar treatment of an almost immediate rise in duty – the so known as ‘sin taxes’, namely wines, beer, spirits and cigarettes.
I for a single, welcomed Mr. Darlings’ intention to simplify what can be a minefield of guidelines and regulations with regard to ones’ enterprise tax matters. In my opinion obtaining to grips with the complexities of our current the tax situation for these of us running modest businesses, specially in the initial stages can have us running for the hills at the best of occasions.
The reduce prices of corporation tax will increase from 19 per cent to 20 per cent next year and then 22 per cent in coming years.
For these whose firms rely on the use of autos, be ready to be put below much more pressure by the addition of an additional 2p (per litre of petrol) for the elevated expense of fuel due to come into force in this October.
However, there had been some pluses, notably the new government £12.5m Investment Fund initiative set up with the particular aim of targeting female entrepreneurs.
The announcement of the new ‘Entrepreneurs Relief’ can only be a good factor too, encouraging as it will the spirit of enterprise for all. As will his announcement of extra income becoming produced obtainable by means of the Little Firms Loan Scheme this has now been extended to SME’s of any age, where previously only companies of 5 years or significantly less were eligible.
There are a further 270 pages of accompanying Price range additions, so who knows there might be something immensely valuable to those of us in enterprise, that we’ll learn as we gradually pore over and dissect the data relevant to our industries.
I will leave the last word to Oscar Wilde who mentioned, “When I was young I utilized to feel cash was the most important factor in life. Now that I am old, I know it is….”