Budget news not all bad??

Well the budget is a mixed bag for small businesses in the UK.

First the bad news… rates are set to increase by 5.6% from April 2012.

But the good news is that the temporary increase in Small Business Rates Relief  will continue for a further 6 months until March 2013.  Most businesses at The Wincombe Centre will be protected from this rate increase until at least March as the 100% Relief means we will pay NO rates.

Changes in tax payments mean that businesses with up to £77,000 turnover will benefit from only having to pay tax on money that they have actually received, rather than paying on orders for which they have yet to be paid.

Corporation tax will fall to 24% – although for businesses with profits exceeding £300,000 a year there will be no benefits as these businesses already pay only 20%

Young entrepreneurs will be able to borrow on a new loan initiative to back a new business ideas and small firms will be able to borrow with the new lending scheme giving access to loans with interest rates one percentage point lower than those outside the initiative.

The budget has offered no reprieve for small firms (or individuals) struggling with the high price of petrol and diesel. Instead, fuel duty will continue to go up by three pence in August.

In other news though……the sun is shining!