emergency budget plans

Emergency Budget Plans “mostly positive for small firms”

Cuts in corporation tax, partly scrapping increases on employers’ National Insurance Contributions (NICs), and a new small firms’ loan guarantee scheme are among the changes that business groups expect in the new Government’s emergency Budget on 22 June. Association of Chartered Certified Accountants (ACCA) head of taxation, Chas Roy-Chowdhury, said that the emergency Budget was likely to be mostly good news for small firms. “It will be more of a fiscal Budget, in which public spending cuts will be the focus. Many of the support measures introduced under the Labour Government for small firms will stay, such as the Time To Pay Scheme, and most of the tax rises will hit individuals harder than small businesses.” “The announcement of employers’ NICs r... »