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FSB welcomes Autumn Budget

The Chancellor’s 2017 Autumn Budget included many changes that impact UK companies, yet it has been largely welcomed by the business community.

Just one day after the Budget, the Federation of Small Businesses (FSB) issued a press release with its opinion of the changes, summarising how they were likely to affect its members.

Mike Cherry, who is the National Chairman of the FSB, said in the press release:

“With costs rising and consumer demand flagging, small firms will welcome today’s business-friendly Autumn Budget.”

He went on to highlight the most important aspects of the Budget. The fact that changes to the VAT threshold had been put on hold until after 2020 was particularly welcomed. However, the federation does recognise the need for changes in this area of taxation.

At the moment, small firms are spend, on average, an entire working week of every year complying with their VAT obligations. The workload is so time-consuming that many UK small business owners turn down work to avoid crossing the £85,000 turnover threshold and the VAT management that comes with it.

Accountants from Bromborough to London are currently analysing the changes and working out what they mean for their clients. In some cases, there is the opportunity for businesses to secure more funding.

The fact the Research and Development fund has been increased is significant, with Philip Hammond announcing a further £2.3bn for the Northern Powerhouse Investment Fund. For firms who are based in the catchment area of the 10 Local Enterprise Partnerships (LEPs) involved in the scheme, this represents a significant business opportunity.

Posted by Mark
December 5, 2017
Small Business

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