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Lichfield tax expert says small businesses could be sharing more than their fair share of of Philip Hammond’s Budget burden

Small businesses may feel they are shouldering more than their fair share of the Budget burden, a Lichfield tax expert has claimed.

Chancellor Philip Hammond

Chancellor Philip Hammond. Pic: Patrick Tsui/FCO

Chancellor Phillip Hammond outlined a range of changes in Parliament today, including some measures to counteract increases in business rates.

But Baksho Hayer, from TaxAssist accountants in Lichfield, said the Chancellor could have done more to help small companies compete with online-only rivals.

Baksho Hayer

Baksho Hayer

She said: “The Chancellor said this was a Budget designed to build an economy that works for everyone, but the five million small businesses in the UK who make a major contribution to the country’s economy, could be left feeling that they are shouldering more than their fair share of the financial burden.

“Independent retailers and other small businesses hit hardest by business rate increases this year will welcome the £50 a month cap and most local pubs will benefit from the £1,000 discount announced by the Chancellor.

“But the promised comprehensive reform of the outdated rating system is again delayed for yet more consultation. Many local businesses, particularly on the high street, are competing with a growing number of online-only product and service suppliers and have long been calling for a more level playing field.”

The Lichfield expert also said the Chancellor had missed a chance to create a fertile environment for companies to expand.

Baksho explained: “This was the last Spring Budget – as the annual Budget will now be in the Autumn – and it would have been a good opportunity to seed the green shoots of growth for small businesses and start-ups.

“Instead, it is a case of much more give than take for local business owners this year as they tackle a multitude of challenges including digital tax reporting, compulsory contributions to staff pension pots and the National Living Wage.”

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1 Comment

  1. John Griffin

    8th March, 2017 at 8:24 pm

    Thought the non-existent MP for Burntwood said the Budget would be good for the area? Really? Not for the people I know running SMEs.