Budget 2016

70% of the North’s Small Firms Don’t Believe in ‘Northern Powerhouse’

70% of the North’s Small Firms Don’t Believe in ‘Northern Powerhouse’

70% of small businesses in the North don’t believe George Osborne will create a ‘Northern Powerhouse’, according to a report by MarketInvoice and Censuswide. The survey of over 1,000 small firms found that over half (56%) of small business owners believe that the government is not genuinely committed to increasing investment in the Northern region. When asked if the chancellor of the exchequer had done enough to support them, only 4% of business owners said he had. New initiatives for the ‘devolution revolution’ announced during the Budget 2016 included £60m dedicated to the development of the new High Speed 3 (HS3) rail link between Manchester and Leeds, £75m to develop plans for a new trans-Pennine road tunnel and £20m a year of new funding dedicated to schools in the Northern Powerhouse... »

Budget 2016: A Small Business Perspective

Budget 2016: A Small Business Perspective

The 2016 Budget was today unveiled by the chancellor of the exchequer, George Osborne. Labelled as a “budget for small business” and one that will “put the next generation first”, Osborne continually reiterated the expectation that the UK’s economy will grow faster than any other major economy in the world. Osborne wasted little time in supporting the UK’s position within the EU – referencing the Office for Budget Responsibility’s fears that a potential Brexit could cause “uncertainty” for the country’s economy. Aiming to help small businesses, Osborne claimed the budget will favour business owners who “pay their fair share” while attempting to get rid of loopholes that help multinationals avoid paying tax. In a budget designed to help smaller enterprises, we take a look at the key policie... »

Small Businesses Call for Flat Rate of Tax in Upcoming Budget

Small Businesses Call for Flat Rate of Tax in Upcoming Budget

55% of the UK’s small businesses want Osborne to introduce a flat rate tax system in this week’s Budget, according to a report by accountancy firm Moore Stephens. The majority of the business surveyed said that flat rate tax measures would help simplify the taxation system which is seen as too complicated and time consuming. 55% of respondents were also in favour of government pushing for further crackdown on tax avoidance, particularly VAT avoidance, by large multi-national companies. Simon Baylis, partner at Moore Stephens, said: “Above all small businesses want simplicity in the tax system. “Reducing the complexity of the tax system would provide a boost for businesses as owners and managers would regain time for productive work that is currently spent on tax issues.” Need help completi... »