Budget boost for small businesses, says local tax and accountancy specialist, but more is needed

Budget boost for small businesses, says TaxAssist Accountants, but more is needed

Budget boost for small businesses, says TaxAssist Accountants, but more is needed

First published in Hampshire Business
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SMALL businesses across Basingstoke have received a much-needed Budget boost from the Chancellor, according to TaxAssist Accountants, but much more was needed.

Steve Rayner, who runs the tax and accountancy specialist, in Hackwood Road in Basingstoke, said: “Our pre-Budget survey revealed that 67 per cent of small businesses felt that the Government isn’t doing enough to help them.

“They cited the cost of employing people, fuel prices and the rate of VAT as their top three issues and 58 per cent said the challenging economy remained the major obstacle, with only 34 per cent believing we’re on the road to recovery.

“It’s unlikely that this Budget will do much to change the view from small business that the Government is not listening to their concerns.

“Doubling the Annual Investment Allowance for businesses to £500,000 and extending it to 2015 is all well and good, but without access to vital finance for growth the measure is meaningless for many local business owners.

“The Chancellor did confirm measures already announced in his Autumn Statement, however, including the £2,000 cut to employer’s National Insurance costs, which is a strong incentive for creating new jobs.

“The continued freeze on fuel duty is also a lifeline for many trades people and service providers who make home visits.”

Mr Rayner said the new announcement that the Government’s Help to Buy scheme will be extended to 2020 is great news for local traders involved in the construction industry, including builders, electricians, plumbers and estate agents.

He said: “Offering half a billion pounds of finance to small house building firms is particularly welcome.

“And, in addition to the two per cent cap on business rates, retail premises such as local pubs, cafes, restaurants and charity shops receive some much-needed support with the promised discount of up to £1,000 on business rates for premises with a rateable value of up to £50,000.”

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