Product category:
Banking / credit / debt
News Release from: Alliance & Leicester | Subject: SFLG
Edited by the Insidemoneytalk Editorial
Team on 14 March 2008
Steve Jennings, director of business
banking at Alliance and Leicester
Commercial Bank comments
on the Budget
Budget provides a mixed bag for small businesses Steve Jennings, Director of Business Banking at Alliance and Leicester Commercial Bank comments: "The Chancellor's Budget today serves up another mixed bag for small businesses with some of the initiatives being welcomed and others continuing to fuel the debate on the measures given to assist many small businesses
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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"Today's announcement of £12.5 million being set aside to attract female entrepreneurs is good news for the UK economy and in addition we welcome the additional funding of £60 million this year to the Small Firms Loan Guarantee scheme (SFLG), providing crucial support to many businesses starting up.
"Whilst there has been some respite for small businesses with the Chancellor putting the additional 2p per litre fuel duty on hold until October, this will however continue to cause concern and test the resilience of the small business community especially with the announcement of a further 1/2p per litre increase due in 2010.
"It would seem that small businesses will be receiving with one hand and giving back with the other.
While the introduction this April of Entrepreneur's Relief of 10% on capital gains of up to £1 million is generally a welcomed change to the originally proposed capital gains tax changes, the abolishment of capital gains taper relief continues to be a major concern." Earlier research from Alliance and Leicester Commercial Bank has shown that despite warnings about possible tax changes, only one in ten (11%) of SMEs thoroughly understand what the proposed changes will mean for their business.
To offer a point of reference for small businesses looking to understand the Budget, Alliance and Leicester Commercial Bank is offering a free downloadable guide from its website www.alliance-leicestercommercialbank.co.uk/tax (available from 12 noon on Thursday 13 March 2008).
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