Partner Article

Welcome tax relief for SMEs in the budget

Caroline Langron, Managing Director, Platform Black

“With the threat of storm clouds brewing in the UK economy, the Chancellor, George Osborne has responded with force, by delivering some welcome news for the much neglected SMEs, in the Budget.

Amidst widespread concerns around potential tax hikes, the Chancellor instead rolled out significant business rate and corporation tax cuts, a welcome relief for SMEs. In fact, 600,000 businesses will be exempt from business rates from April next year – a move saving them each around £6,000 a year.

These small to mid-size companies are the lifeblood of the British economy and we are pleased to see the Government doing more to support growth in this area. Mr Osborne has recognised that SMEs need a broader financing landscape, committing £100 million of investment to non-traditional financing channels.

This Budget was certainly a step in the right direction, but a greater focus on funding for SMEs and education around the financing options available to them will also be important. This will help the UK’s businesses access the working capital they need for growth and ensure the creation of jobs and prosperity that this country needs.

There are many political and economic challenges still on the cards for 2016. It is critical that the Government continues to bolster its policies and build confidence for business owners to ensure continued and sustainable growth.“

This was posted in Bdaily's Members' News section by Caroline Langron .