This was a most uninspiring Budget with the Chancellor attempting little more than to tinker around the edges of all the usual areas of activity. In the current economic environment it is not surprising that this is a financially taxing rather than a giving budget and this is witnessed most by the introduction of the 50% tax band for those earnings over £150,000. APA believes this is excessive, penal and unlikely to inspire the owners of small businesses at a time when the investment and risk associated with the operation of a small enterprise is at its highest. Increased fuel tax duties will also burden smaller businesses.But there are some positives, APA supports the Chancellor's focus on jobs in the Budget and does see this as a boost to small businesses that now sustain and create the majority of jobs in the UK economy. Any incentives here are welcomed. All businesses will welcome the temporary increase in the main rate of capital allowances and the exemption for foreign dividends. We are pleased that the temporary right to carry back losses for three years is being continued, as well as the scheme to make it easier for businesses to agree time to pay tax liabilities. These measures will be particularly useful for small businesses.
APA
APA Members can read more by going to the knowledge Zone in the Members area of the website @ www.paprofessional.com
1 comment:
Rubbish Budget, thank goodness the weather is good or business would seem even worse.
Post a Comment