Emergency Budget – What’s in Store for Small Businesses
On 22nd June the nation will witness the first budget from Chancellor George Osborne under the new coalition government. With public finances in a dire state it is set to be one the most anticipated in a generation.
In particular, small business owners will be listening out for another anticipated VAT increase which is likely to increase from 17.5% to 20%, causing yet another administrative headache.
Small businesses will also be hopeful for a corporate tax reduction with both coalition partners pledging to reduce the rates from 28p to 25p in their manifesto’s.
Considering that Britain’s 4.7 million small businesses contribute to almost half of the nation’s turnover, the budget outcome is more important than ever to business owners to ensure they can prosper and succeed under any new taxes.