Click here to
Get an instant quote

Federation of Small Businesses welcomes Chancellor’s latest budget

A spokesperson from one of the UK’s leading business organisations praised the chancellor for juggling everyone’s needs and coming up with a ‘brilliant budget’.

That praise came from Phil Fleming, who is a spokesperson for the Federation of Small Businesses (FSB). He was particularly impressed with the fact that the Chancellor was cutting business rates for many companies. Fleming said:

“This will help a lot of businesses stay open until next year, and not close this year. There’s only so much he can do but it will be some help. He has tried to jump in ahead of the 2020 business rates revaluation.”

In England, all shops, pubs, cafes and restaurants operating out of premises with a ratable value of £51,000 or less will pay one third less in business rates, for the next two years.

Colin Borland, the FSB director of devolved nations, was also positive about the budget. He said that the Chancellor had tried to give smaller firms a “shot in the arm”.

Business owners and accountants from Bromborough to Truro were happy to see the VAT threshold staying the same for two more years. Tax stability enables firms to plan ahead.

The FSB also praised changes to the investment allowance. Increasing the allowance from £25,000 to £31,000, for the next two years, should encourage more firms to invest and prepare for the future. There is also a new 2% relief scheme for the building or purchase of new industrial or commercial buildings.

Posted by Mark
November 1, 2018
Small Business

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment