Alison Small, Business Director of the invoice and asset based finance company Venture Finance, has today issued comments regarding the implications of yesterdays budget on the SME community and her opinion, for the most part, seems to be that the budget has done UK SMEs few favours. “Measures designed to support a more enterprising Britain are cancelled out by the increase in National Insurance,” she said.
The Chancellor has promised Britain’s small business community a range of benefits from lower corporation tax and capital gains tax to a simplified VAT regime. However, measures designed to support a more enterprising Britain are cancelled out by the increase in National Insurance which will cost companies Ј3.9bn a year, Ј2bn of which will be paid by small companies.
“Britain’s struggling manufacturing sector is likely to be hit hardest.”
