29/03/2011
Commentators from The Daily Telegraph have praised Chancellor George Osborne for delivering a Budget designed to encourage the growth of small businesses.
Owners of small and medium enterprises will be delighted by the plans revealed by the Chancellor last Wednesday aimed at increasing the funds available to local organisations.
The highlight of his Osborne Budget speech was the higher than expected cut to business tax. It was announced that business tax will fall by one percent every year until 2014.
The Daily Mail pointed out this means the UK will eventually have the lowest corporation tax of all the G7 countries.
The introduction of 21 enterprise zones throughout the UK is a further boost to those who are hoping to start their own business.
Firms that open up in an enterprise zone during the course of the current parliament will be offered a business discount rate worth up to £275,000 over five years. All business rates growth within these zones will be retained by local authorities to help support their economy.
The planned merger between National Insurance and Income Tax could bring further benefits to new businesses.
Many existing companies may choose to make use of the multitude of sales finance options available in order to bring in additional cash during what is hoped will be a promising period for local businesses.
Joe Elvin