Bivek Sharma, head of KPMG Small Business Accounting, comments on the Budget's positive impact on small businesses.
“George Osborne has gone all out to win over small business owners. By lowering stamp duty and corporation tax while doubling the business relief rate for small firms, the Government is finally coming out on the side of small businesses. Better still the increase in the personal tax allowance and no movement on rumoured cuts to Entrepreneurs’ Relief, will help offset the abolition of dividend relief, incentivising small enterprises to keep growing.
"This support comes just in time, with small firms’ cash flows under pressure from pension auto-enrolment and the National Living Wage. With downgraded UK growth predictions and increasingly volatile global markets, 2016 could be a tough year for British small businesses, so they’ll need all the help they can get.
"The one big disappointment was we heard nothing on access to finance for young firms. On the same day Legal & General reported small businesses are still depending on credit cards and personal loans, this is a significant omission.”
Follow us on twitter: @kpmguk #Budget2016
For further information please contact:
Katy Broomhead, KPMG Corporate Communications
M: +44 (0)7824 537 963
KPMG Press office
Tel: +44 (0)207 694 8773
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 revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 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.
KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.