Budget 2015: A raft of micro-measures for small and mid-market businesses, but no sock-knocking headline

Budget 2015: A raft of micro-measures for small

There’s no doubt there was lots of positive stuff in there – from abolishing the annual tax return to the removal of Class 2 National Insurance contributions for the self-employed, and from the doubling of funding to UKTI for supporting exports to China, to the measures designed to raise awareness of and increase ease of access to the R&D Tax Credits regime.

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Commenting on the raft of business announcements outlined by the Chancellor in today’s Budget, David Bywater, tax partner at KPMG, commented:

“The Chancellor opened this year’s Budget statement with the pronouncement that, 'If you back Enterprise, you increase revenue' and he’s done exactly that with a series of measures all designed to help boost privately-owned businesses up and down the UK.

“There’s no doubt there was lots of positive stuff in there – from abolishing the annual tax return to the removal of Class 2 National Insurance contributions for the self-employed, and from the doubling of funding to UKTI for supporting exports to China, to the measures designed to raise awareness of and increase ease of access to the R&D Tax Credits regime.

“However, I’m not sure there was any standout headline which will absolutely knock the socks off our small and medium-sized enterprise base.

“Furthermore, whilst there was a statement of intent to extend the availability of an increased annual investment allowance, it would have been nice to have certainty around the future level of this allowance as businesses desire certainty before making capital investment decisions.”

-ENDS-

 

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Chancellor’s Budget 2015

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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