In this week’s Podcast…
Key points of the Budget
- Missed Fiscal Targets
- Missed debt targets
- Growth forecast much lower
For entrepreneurs and business
- Higher income tax allowances. Taken alongside previous changes to dividend tax treatments the way that we reward our efforts is changing.
- Business rate relief is locked into the system for smaller firms, something that will make a big difference to the many small firms whose businesses are cost critical in the early days.
- Lower corporation Tax
- Lower CGT
- Lifetime ISA’s for the under 40’s are an interesting incentive to save for the long term. However, with no obvious link to auto-enrollment (the measures being imposed on Businesses to ensure their employees are properly protected with pensions) which was devised several years ago business pension regulations are looking increasingly out of touch with current pension and savings strategy.
- Significant anti avoidance measures which should be welcomed but may have some unexpected side effects for entrepreneurial businesses. Limiting debt relief to 30% of profits is one example.
- Removal of the rights to use personal service companies may also have some downstream impacts
- Additional investment in infrastructure should help those small businesses that work in related markets and create additional opportunity.
- Sugar taxes will be introduced into the soft drinks industry and the proceeds used to encourage sport in schools.
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