Business Advice for all UK firms from starting a business to flotation

2011 Budget in brief

Growth is predicted to be lower at 1.7% from 2.1% for 2011, 2.5% next year, 2.9 % in 2013, 2.9% in 2014 and 2.8% in 2015.
Inflation is expected to be between 4% and 5% this year against the current target of 2%, falling to 2.5% next year and 2% in two years' time
Borrowing for this year will be £146bn - below target, dropping to £122billion next year, reaching £29billion IN 2015/16
Taxation to be simplified (100 pages of tax documentation removed)to include a merger between National Insurance and Income tax
Corporation tax to be cut by 2% that will become the lowest in the G7 and the Bank Levy will be adjusted to ensure the banks do not gain by it.
There will be a moratorium of three years for Start ups and Small Businesses with regards to domestic regulation
Shared Equity scheme for first time house buyers- £250million of Bank Levy put aside to fund this. Expected to assist 10,000 new buyers.
Extra funds to be made available for Railway and road maintenance
There will be 21 Enterprise Zones established, not ten, all targeted to promote growth in their region
Small Business rate relief holiday extended by one year to October 2012
Green Investment Bank to be established earlier than planned in 2012
Work experience - 100,000 extra places and twenty four new University technical colleges to be established.40,000 extra apprenticeships to be funded by the Government
Changes to Gift aid to be made to encourage more contributions, especially from the well off
Benefits for families on low income through council tax freeze and more tax credit
Rise in personal tax allowance
The fuel duty escalator that adds 1p to fuel duty on top of inflation each year will be axed for the rest of this Parliament. It had been due to go up by 1p a litre above inflation from next week

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Post Date: March 23rd, 2011