Relief for small businesses in Budget, says expert

Dave Masterson. TaxAssist
Dave Masterson. TaxAssist

Today’s Budget announcement on business rates will be a big relief for small businesses according to a local accountancy specialist.

Dave Masterson, who owns TaxAssist Accountants in Leighton Buzzard and Dunstable, said: “More than doubling the threshold for claiming small business rate relief, from £6,000 to £15,000, will mean that many local business owners will no longer pay any business rates for their office or shop premises.

“This will be a major boost for many small businesses and will go some way to help level the playing field when competing against online only product and service suppliers.

“For many small businesses, particularly those which deliver products and services to our homes, cars and vans are essential not a luxury, so the continued freeze on fuel duty is further good news.

“Cuts to Capital Gains Tax, changes to commercial stamp duty and plans to reduce Corporation Tax from 20% to 17% by 2020 are also welcome.

“At last we have a Budget which has some measures to back small business and support the enterprise and hard work of this vital sector. They are facing new responsibilities and pressures, including workplace pensions schemes, the national living wage, dividends taxation changes and quarterly tax reporting.

“There are over five million small businesses in the UK, contributing a massive £1.8 trillion to our economy and providing some 15.6 million jobs. They deserve some positive news for a change.”

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