A budget for SME’s? – Moorfields comments on what the Spring 2013 budget means for your business
UK businesses of all shapes and sizes were anticipating what impact George Osborne’s latest budget announcement might have on their future.
So, who were the winners? Who were the losers? Where is the money going?
Perhaps the most important point to emerge from yesterday’s Budget announcement was the fact that 450,000 SMEs will no longer be required to pay employer National Insurance Contributions (NICs). The first £2,000 of the total contribution will be taken off employers’ NI bills from April 2014. The easing of such a burden certainly supports the government’s previously stated aim that they are determined to assist SME’s to grow in the near future.
A cut of 1% in the top rate of Corporation Tax to 20% by April 2015 will also offer a little more breathing space for companies that are potentially struggling in a fraught economic climate. Stamp Duty is also set to be scrapped on shares traded on growth markets.
All of these points certainly suggest that consideration has been given to afford SMEs the opportunity to grow and expand in the near future. Such a series of boosts could be the key to paving the way for collective progress amongst SMEs across the UK, ultimately boosting the wider economy in the process, but is it too little too late?
We will have to see what the remainder of 2013 holds for UK companies of all sizes.
Business insolvency specialists
The government’s new measures may have come too late for some businesses due to ongoing financial difficulties. Business insolvency specialists can help struggling companies to plot the best way forward to a sustainable and successful future in 2013 or to a managed exit , if that is the answer.
At Moorfields, we offer friendly, expert advice to help guide you through difficult times. An early review of options available is recommended in financially distressed situations and an initial consultation provided free of charge.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.