This week Chancellor George Osborne delivered his sixth and final Budget as part of the current coalition government.
And all in all, it was a relatively balanced and sensible offering.
As a local business owner, what was in it then for the small business community?
- Abolition of the onerous annual tax return
- Removing class 2 national insurance for the self-employed
- Extending small business relief
- Reviewing business rates
- Ambitious ultra-broadband plans
- Cancelling planned fuel duty rises
- Changes to venture capital trusts and enterprise investment schemes
In his own words, Osborne was sending a clear message about future growth of the UK economy through the country’s many and growing entrepreneurs: “…if you back enterprise, you raise more revenue…”
But a note of caution, with the fast-approaching general election in May, not all of these ideas could become a reality.
As Guildford-based solicitors Barlow Robbins noted: “With polling day just over seven weeks away, Mr Osborne’s sixth Budget was always going to be heavily laced with politics. Some of the proposals the Chancellor announced may not survive to become legislation depending on the result of the election.”
Indeed. So while I welcome all of the above, forgive me if I don’t break out the champagne just yet, despite the fact wine duty has been frozen…