March 24, 2016 | By Nimbus |
With the dust now settling on the Chancellor’s recent budget, we’ve picked out some highlights that will help small business owners as they attempt to navigate through the plethora of proposed legislation.
The headline grabbers were undoubtedly the falling business rates, corporation tax and capital gains tax measures. The reforms to business rates will have the biggest impact as small businesses will look to save significant funds through the proposals, with an additional 600,000 businesses no longer paying any business rates – ever. The Chancellor’s claim is that this will reduce the business rates burden by nearly £7bn over the next five years.
Some would say that the closing of corporation tax loopholes has been a long time coming, but for small business owners they will now have the assurance that the big boys will now be paying their fair share. A number of polls held with small businesses before the budget indicated that the closing of tax loopholes so that big business paid their fair share was the number one desired outcome from the budget.
There was also the extended commitment to funding for small businesses through the British Business Bank. A significant figure of £1bn of financial support was agreed. This will mean that regional councils will be working with the BBB, to help investing in local businesses.
Nimbus believes that small businesses should be at the heart of the nation’s economic growth plan and it looks like the chancellor feels the same way – finally. The closing of tax loopholes and cutting of taxes will motivate local business owners and make them feel valued in the government’s economic ecosystem.
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