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A Budget ‘Wish List’ For Entrepreneurs

With the new Government’s first Budget to be delivered on 11th March, it will be interesting to see what measures are proposed which will affect entrepreneurs from “wheeling and dealing”.  Above all else, entrepreneurs seek certainty, without which it can be very difficult to persuade an entrepreneur to invest.  By certainty, we mean, for example :-

  • Are corporation tax rates expected to remain low?
  • Will widening employee ownership be encouraged through continuing enhanced tax breaks?
  • Is the current favourable Capital Gains Tax regime expected to remain in place?
  • Will there be incentives to invest in infrastructure, for example with an extension of the Annual Investment Allowance?
  • The availability of finance is critical, how will that be affected?
  • What is the likely longer term impact of Brexit? (sorry, it had to crop up!)

Tax policy is often a way to stimulate action from entrepreneurs.  If one considers the way that R&D tax credits has stimulated innovation in the UK particularly in the last 10 years, then this demonstrates the power of a properly focused tax break.  Businesses crave stability, strategic direction and a positive environment, so we urge the Chancellor to take at least a 5 year ahead approach to his Budget.  There’s enough uncertainty around without Mr Javid adding to that, what’s needed is a sure hand on the steering wheel and a calm head.

The past 20 years has seen a succession of governments who tinker with policy, often driven by a craving for votes, without reference to the greater good of the country. We don’t expect miracles but some long term positivity would not go amiss!

Whatever proposals are revealed in the Budget, our EQ Taxperts will be on hand to offer support and guidance.

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