Product category:
Banking / credit / debt
News Release from: Alliance & Leicester | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 22 March 2007
Steve Jennings, director of business
banking at Alliance and Leicester
comments on the Budget
Budget provides a mixed bag for small businesses
"The Chancellor's Budget today served up a mixed bag for small businesses in the UK, with some initiatives sure to be welcomed and others likely to infuriate business owners Overall businesses appear to have gained a little more than they have lost, but as is always the case, much depends on individual circumstances
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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"We welcome the decision to provide incentives for owners who invest in their business, such as the new annual investment allowance for the first ?50,000 of expenditure on plant and machinery and the one year extension of first year tax allowances for all small businesses.
However, on the other hand smaller companies will be hit by an increase in corporation tax from 19% to 22% over the next three years.
"This giving with one hand and taking with the other was typical of the whole Budget.
While the majority of self employed and small business people will benefit from the Chancellor's announcement that, from 2008, the basic rate of income tax will reduce from 22% to 20%, at the same time the 10% lower rate of tax will be removed, reducing much of the benefit.
"Furthermore increasing road tax on larger vehicles and increasing fuel tax, will hit many businesses hard.".
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