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News - 21 March 2013

What business thinks of the 2013 Budget

UK Business groups have broadly welcomed Chancellor George Osborne's Budget 2013 measures.

John Longworth, Director General of the British Chambers of Commerce (BCC), said:

“There is much for businesses to comment on in the Chancellor's statement, from a wider remit for the Bank of England, to measures on fuel duty, home ownership, and employment. However, many in business will feel that the government could have gone even further to support enterprise and growth – for example, through immediate action on business rates and road maintenance.”

John Walker, National Chairman, Federation of Small Businesses (FSB) said:
"The FSB asked for a budget for small businesses and this is what has been delivered. This Budget opens the door for small firms to grow and create jobs. The Chancellor has pulled out all the stops with a wide-ranging package of measures to support small firms. The National Insurance Contributions (NICs) cut goes beyond what we were asking for and we are pleased to see the 3p fuel duty rise due in September completely scrapped.”

The Institute of Directors (IoD) also welcomed the employer allowance and applauded the reduction in the corporation tax rate to 21 per cent in April 2014, and 20 per cent in 2015.

Simon Walker, director general of the IoD said:

"Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad."

The Forum of Private Business (FPB) approved much of the speech but criticised both the lack of action on business rates and the fact that businesses would not be able to take advantage of the employer allowance until 2014.

Lavinia Newman, founder of ABDS comments:
“The business community will welcome the Chancellor’s move to re-direct money from government departments to infrastructure over the medium term. However, businesses would have liked to see an even bigger shift in government spending towards priorities that unleash enterprise, which in turn delivers jobs, prosperity and the tax revenues needed to shrink the deficit and eventually the national debt.”

For those considering setting up a business and want a more personal approach,  contact us at ABDS to offer help and support on a range of issues, including keeping records, VAT registration, National Insurance, starting up a limited company, and PAYE Real Time Information.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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