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UK businesses welcome the Chancellor’s Spring Statement

The changes the Chancellor of the Exchequer announced in his Spring Statement have been met with general approval amongst UK business owners.

In the Chancellor´s relatively short statement he covered a lot of ground. Many of the announcements he made will have a direct impact on UK businesses and their profitability.

The fact that the Chancellor decided not to tinker with the tax system was particularly welcome. In a press release the Director General of the British Chambers of Commerce (BCC), Adam Marshall explained why this was important for UK companies. He said:

“A clear annual cycle will mean fewer rushed policies and give firms the time they need to plan for any changes that come their way.”

For decades, UK businesses and accountants in Liverpool and beyond have had to work hard to adjust to changes made to the tax regime in time. Constant changes to the tax system have proved to be very distracting for business owners. Every change consumes time that could be spent making a company more profitable.

The BCC was also pleased to see the Chancellor announce more regular reviews of business tax rates. Re-visiting them on a three-yearly basis instead of every five years will mean any rise in the amount paid is more gradual and, therefore, manageable. Also welcome were the changes to the level of funding available to help small businesses to hire apprentices. Although, concerns still remain surrounding the apprenticeship levy.

The additional infrastructure investment that was announced will also be good for business. In particular, the rollout of faster and more reliable broadband and improvements to big city transport networks.

Posted by Louise
March 20, 2018
HMRC

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