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Budget 2011: good for businessAdded: 2011-03-23 16:59:05.0
George Osborne has unveiled the new Budget today, with "fuelling growth" being the top priority. As expected, this means good news for small businesses.
The highlights of the Budget for business owners are as follows:
- Corporation tax will be cut by 2% in April (it was previously going to have been cut by 1%).
- Corporation tax will fall by 1% each year for the next three years, where it will reach 23%.
- The bank levy will also be adjusted so that the banks don’t pick up the cost of the reductions in corporation tax.
- 43 tax reliefs will be scrapped to simplify the tax code.
- There will be no new regulation on businesses with fewer than 10 members of staff.
- The business rate relief holiday will be extended for another year for small businesses.
- There will be 21 ‘Enterprise zones’ created in England which will be supported by tax incentives.
- Science facilities will receive £100million in funding.
- Charities will see a reform of administration associated with gift aid.
The above will be very pleasing to business owners, particularly the reduction in corporation tax. Coupled with the plans to alter planned legislation in favour of businesses, it’s been a good week of news for employers who were able to make it through the recession-hit years of 2009 and 2010.
After a couple of years of unfavourable Budgets for owners of small businesses, it can be said that the Budget of 2011 looks rather better for employers. What’s your take on it? Let us know by commenting below.
The content of this blog is not legal advice and should not be relied on as such, or used instead of seeking legal advice.
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