Small businesses have received a much-needed Budget boost from the Chancellor, according to national small business specialist TaxAssist Accountants, but much more was needed.
“Our pre-Budget survey* revealed that 67% of small businesses felt that the government isn’t doing enough to help them,” said James Mattam, TaxAssist Accountants’ Business Development Manager.
“They cited the cost of employing people, fuel prices and rate of VAT as their top 3 issues and 58% said the challenging economy remained the major obstacle, with only 34% 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 small 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.
“The new announcement that the government’s Help to Buy scheme will be extended to 2020 is great news for traders involved in the construction industry, including builders, electricians, plumbers and estate agents. Offering half a billion pounds of finance to small house building firms is particularly welcome.”
*Survey conducted March 2014 by TaxAssist Accountants asked their 47,000 small business clients what they most wanted to see from the Budget.
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