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Small firms concerned over Budget
Small business owners are worried that measures outlined in the Budget of June 22nd will negatively affect their recovery.
A survey by The Forum of Private Business (FPB) reveals that small firm confidence has been dented by fears that tax increases in the Budget could hit small businesses hard.
The coalition government is expected to reveal a raft of tax measures aimed at reducing the UK's huge deficit, alongside significant public spending cuts.
They include possible changes to capital gains tax and an increase in VAT, a rise in employers' national insurance contributions for some staff - although the 1% increase originally planned has been partially scrapped - and changes to corporation tax.
Despite a mooted cut in the higher rate of corporation tax there has been no indication of a reduction in the lower rate paid by small firms.
"All eyes are on the 22 June budget for the kind of policies needed to help small businesses grow. We know that public spending will be cut to help get the deficit down, but there will be knock on effects to public sector contract opportunities and business support measures, so it is important that the coalition government gets it right," said Matt Goodman of the FPB.
Post Date: June 11th, 2010
A survey by The Forum of Private Business (FPB) reveals that small firm confidence has been dented by fears that tax increases in the Budget could hit small businesses hard.
The coalition government is expected to reveal a raft of tax measures aimed at reducing the UK's huge deficit, alongside significant public spending cuts.
They include possible changes to capital gains tax and an increase in VAT, a rise in employers' national insurance contributions for some staff - although the 1% increase originally planned has been partially scrapped - and changes to corporation tax.
Despite a mooted cut in the higher rate of corporation tax there has been no indication of a reduction in the lower rate paid by small firms.
"All eyes are on the 22 June budget for the kind of policies needed to help small businesses grow. We know that public spending will be cut to help get the deficit down, but there will be knock on effects to public sector contract opportunities and business support measures, so it is important that the coalition government gets it right," said Matt Goodman of the FPB.
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Post Date: June 11th, 2010
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